#1Investor Presentation 2021 enel#2Agenda Enel @2030 Enel @2023 The next 10 years Our ambitions Value for all The next 3 years Our ambitions in medium-term targets Sustainable growth and value Sustainable finance & financial management De-risking targets 2021-23 Targets & Closing remarks FY 2020 consolidated results H1 2021 consolidated results 2021-23 annexes enel#3Enel @2030 The next 10 years#4The energy world will be completely transformed over the next decades... enel (TW) 12.0 +4x Global RES Capacity 2.7 2019 2040 56% Share of capacity connected to distribution grids¹ 33% +23 pp 2019 2040 (KTWh) 33 +43% Electrified energy consumption 23 2019 2040 Source: IEA, World Energy Outlook 2020, Sustainable Development Scenario | Grid data from BNEF, NEO2020, Europe Figures 1. Europe 4#5..and platform-based business models will manage increasing levels of complexity... Generation sources Consumer Services Utility as a enel Why utility as a platform? Scale & efficiency Replicability of ‘plug & play' models, marginal costs close to zero m 000 Wholesale market 'platform' TSO DSO Distributed energy Smart services designed around prosumers Prosumer Value for customers 肉 kWh, kW, AkW Sustainability ESG drives profitability and lowers risks Open Innovation Quick innovative solutions implementation and open to ecosystems 5#6while driving data-flows across company structures From the Sylos age... ...to the digital platform architechture... Business needs Countries IT features Commodity Equipment Product Customers enel ...enabling new operating and business models Decoupling Platform Business Model Creating new shared value from the relationship with ecosystems OD+ Data OD+ Platform Operating Model Enabling innovation, extraction of additional value from existing assets and selling services to third parties 6#7Enel is the leader in the asset classes that are at the center of this transformation... enel 74 mn end users 43% EBITDA 2020 17.9 €bn 19% 70 mn customers2 49 GW RES capacity¹ RES capacity³ End users³ (GW) (mn) (mn) 38% 74 70 49 Customers³ 38 51 32 38 37 31 ene 2nd 3rd ene 2nd 3rd ene 2nd 3rd TSR 2015-20204 +164% 1. It Includes managed capacity 3. 2019 data for comps 2. Power and gas customers 4. From December 31st 2015 to December 31st 2020 7#8...as well as in the digital and platform development enel journey Platformisation process Enel's Platform CURRENT FUTURE >2020 2016-19 Setting the digital foundations Pillars digitalization (customer, asset, people) 100% applications in Cloud Enel as an array of platforms ✓ Digital Platform architecture New operating & business models Global development, E&C and asset management platforms Global development and asset management platforms Customer operation global platform B2C E-Home, B2B: Flexibility services B2G: Smart cities solutions Customer operation global platform 8#9Leadership in asset classes and digital & platform open us new ways to create value enel Models to create value Ownership business model Direct investments in growing renewables, networks and customers supporting long term sustainable growth Platforms as business enhancer Stewardship business model Global footprint Provide key services, products or know- how enabled by our platforms catalyzing investments of third parties to maximize our and their value creation 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 Develop new products and services enabling new business opportunities Joint Ventures & Partnerships Co-investments opportunities to enhance value creation where platforms enable third parties' investments 9#10Investments share 2020-40 Reshaping global energy sector calls for unprecedent enel investments levels... Yearly Average investments (USD trl) 0.9 -3x9 2010-2019 2.6 2020-2040 END USE NETWORKS RENEWABLES EFFICIENCY Source: IEA, World Energy Investments 2020 and IEA, World Energy Outlook 2020, Sustainable Development Scenario >4x 1.2 45% 0.3 2010-2019 2020-2040 >2x 0.6 24% 0.3 2010-2019 >5x1 ~0.1 2020-2040 5×1 -0.7 2010-2019 2020-2040 25% 10 10#11Ownership model ...where Enel will keep the leadership going forward... Investments activated for the energy transition ~190 enel Ownership model 2020 2030 Consolidated RES capacity (GW) 45 ~120 >150 €bn RAB (€bn) ~42 -70 % Digitalized users 60% ~100% -160 Stewardship model Stewardship model 2020 2030 ~40 €bn RES managed capacity (GW) 3.6 ~25 Electric buses² (#) 912 >10k 2021-30 ~10 €bn¹ Demand Response (GW) 6 ~20 Enel Third parties Household passed (mn) 11.1 34 11 1. It includes equity injections 2. Includes leased and served buses#12...through its ownership business model... ΙΘ Stewardship model Ownership model >150 €bn I I ~40 €bn I I I Enel 1. Italy and Spain Third parties enel I Capex by GBL Value creation KPIs I 2021-30 5% 3% 4 EBITDA/ Capex (%) ~11% 46% 2021-30 >150 €bn 46% Renewables Conventional generation Networks ■Retail RAB/end user +35% 33 B2C customer value (€/cl/y)1 2x 12#131. ...and a structured stewardship business model that will catalyse additional third parties investments... enel Capex by cluster Enel's direct investments ~10 €bn Enel's adjusted EBITDA1 >150 €bn ΙΘ Stewardship model Ownership model 2021-30 ~40 €bn ~40 €bn ~10 €bn Renewables E-transport Enel Third parties It includes share of income from JVs and capital gains 4.0 2021-30 ~17 €bn 2.8 Fair Value of JVs & Partnerships 10.1 Fiber Flexibility & Other Operating platforms Business platforms JVs & Partnership I ~10 €bn 13#14...creating long term growth... EBITDA 2020-2030 (€bn) FY 2020 CAGR 5-6% 17.9 ~18.0 2020E 2030 Net Income 2020-2030 (€bn) CAGR 6-7% FY 2020 5.2 5.0-5.2 2020E 2030 enel 14#15...and sustainable shared value Decarbonization AFFORDABLE AND CLEAN ENERGY Electrification AFFORDABLE AND CLEAN ENERGY INDUSTRY INNOVATION AND INFRASTRUCTURE 11 SUSTAINABLE CITIES AND COMMUNITIES enel Digital & Platforms INDUSTRY, INNOVATION AND INFRASTRUCTURE 11 SUSTAINABLE CITIES AND COMMUNITIES >200 mn saved BoE¹ 80% Scope 1 GHG emission reduction from 2017 >100 €bn GDP created from local investments² ~25% reduction of household spending³ 40% GHG emissions households reduction4 >140 €bn GDP created from electrification investments5 ~3x improvement in service quality (SAIDI) 85% GHG emission reduction from cloud platformization6 >800 €mn C&l savings from flexibility7 13 CLIMATE ACTION 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 15#16Enel @2030 Our ambitions#17Renewables Super Major with the world as geographic footprint Strategic actions Triple our renewable capacity by 2030 enel 3x RES capacity increase 2021-30 catalyzed investments1 (GW) Global market 2.5% >4% share Support profitability through global footprint and integrated position ~145 20 ~25 3x Bolster our pipeline to enable growth and create value 2021-30 85 €bn 48.6 ~120 3.6 45 Stewardship business model to support value creation 2020 2030 Ownership Stewardship 1. Investments in storage of 5 €bn not included 65 17#18Global Power Generation The ownership model in GPG: +75,000 MW in 10 years, tripling our capacity RES Capacity evolution 2021-30 Owned capacity enel Capex & Profitability Gross capex¹ 445 Capacity split By geography By tech Maintenance 5 -53% ~75 46% ~75 GW ~65 €bn 54% ~120 4 -47% 28 2020 Capacity additions 2030 1. Investments in storage of 5 €bn not included Countries with integrated presence Countries with potential integrated presence EBITDA/ Capex ~11% 32 32 ~60 €bn development IRR-WACC 150 bps 18#19Global Power Generation The stewardship model in GPG: catalysing capital for accelerated value creation and growth enel Stewardship additional capacity Capex stewardship model (GW) -21 Value creation ~25 Enel's adjusted EBITDA 21-301 4.3 €bn ~18 2021-30 ~20 €bn ~2 3.6 2020 Additional Capacity 2030 Enel Third parties 1. It includes share of income from JVs and capital gains Fair value of c.3.0 €bn JVs and Partnerships 19#20Global Power Generation Leveraging on enel A 305 GW pipeline that is growing worldwide Renewables Pipeline (GW) GENERATION STORAGE Mature Pipeline By geography +2.2x 2.2x9 -179 ~141 ~305 ~73 ~40 ~12 Gross Pipeline @CMD Gross Pipeline¹ Early stage Mature pipeline Pipeline BESS2 In execution 1. As of June 30th, 2021. 2. It includes storage for around 32 GW in early stage and around 8 GW in mature pipeline. By technology 4 24% 44% 33% ~73 GW ~73 GW 55% 14% کے 1% 29% Europe North America Latin America RoW 20#21Global Power Generation Leveraging on A worldwide platform-based development¹ North & Central America - 120 BD global presence Europe enel Headcount A big platform > 240 Headcount (#) >450 External HC (#) ~1,000 Latin America >75 Africa, Asia & Oceania A highly adaptive & growing platform -30 Pipeline yearly renewal rate 2 >60% Pipeline growth yoy +50% Countries (#) 32 2021-23 An efficient platform Development >1 €bn investments 2023 vs 20 Avg. cost of MW developed -10% Flags indicate countries with work force presence 1. 2020 expected figures 2. Calculated as added pipeline/actual pipeline 21#22Global Power Generation Leveraging on A worldwide platform-based E&C 1 Built capacity evolution (MW) Projects managed (#) 58 45 598 924 382 A global community enel 73 96 External Workers (#) ~12.3k Countries with opened Sites 14 3,106 2,841 Focus on delivery Projects Under construction Sites with -96 automation 30% solutions² Improving efficiency 2023 vs 20 2010 2015 2018 2020 Project lead time -25% 2023 vs 20 Headcount per -9% MW execution Headcount (#) 489 800 1,275 1,600 Flags indicate the countries with work force / assetes 2020 expected figures (except for built capacity) 1. 2. Automation KPI excluding repowering projects 22#23Global Power Generation Leveraging on A worldwide platform-based O&M model1 RES global presence Europe North & Central America >360 78% 9.7 Q 21% >3.1k Africa, Asia & enel A big platform Headcount 75% Capacity (GW) External HC (#) ~5k Plants³ ~1.2k 3% 22.8 18% 4% ■ Hydro A highly digital platform ■ Solar ■ Wind Other Remote fleet 100% Digital workers ~86% Latin America Oceania 72% 48% 14.7 >900 >70 1.4 An efficient platform 13% 52% 14% Lost production -7% Countries (#) 23 Generating units² (#) ~16k Headcount (#) 2023 vs 2020 Opex/MW 2023 vs 20204 -10% >4.5k Flags indicate the countries with work force/assets 3. 1. 2020 expected figures 2. Of which 7k wind turbines, 5k solar inverters, 1.5k hydro & geo 4. Of which 23 plants operated in JV partnerships Opex/MW related to O&M 23#24Global Power Generation Leveraging on Hybridization of renewables - Battery storage Value proposition RES electricity and BESS integration provides competitive decarbonization offer Main value drivers RES risk mitigation, avoiding curtailments for RES Generate additional margins through capacity payments and ancillary services Compliance to regulated tenders BESS energy storage 2030 USA enel Cumulated capex 2021-30 Italy Spain & Portugal Colombia Projects under development Actual BESS Peru ~20 TWh ~5 €bn 1. Calculated on ~95 GW additional capacity 2020 2030 % Plants hybridized with battery storage1 0% ~30% 24 24#25Global Power Generation 1. Leveraging on Hybridization of renewables - Green hydrogen Value proposition Competitive full decarbonization offer bundling RES electricity and green H₂ supply (MW) USA Green hydrogen capacity Spain Italy enel H2 projects under development >2,000 Main value drivers >17x Chile Sale of hydrogen to industrial offtakers RES plant optimization Savings on Capex and Opex arising from synergies with RES plant Flexibility services % Plants hybridized with green hydrogen¹ Calculated on ~95 GW additional capacity ~120 2020 2023 2030 2020 2030 0% >8% Production (Kton) 0 ~5 >90 25 25#26Global Power Generation Acceleration in RES capex resulting in a c.80% RES share capacity and production Capacity evolution1 enel (GW) Production evolution² (TWh) CO2 emissions (gCO2eq/kWh) ~400 2020 2030 214 82 >170 217 ~80% Emission free production (%) 87.6 >80% 53% 2020 2030 56% 65% ~85% 2020 2030 2020 Renewables Conventional Generation 1. It includes renewable managed capacity and nuclear capacity 2. It includes renewable managed production and nuclear production 2030 26#27Global Power Generation Accelerating exit from coal to 2027 from 2030 enel (GW) Coal capacity evolution 2017 2020 2027 16.0 Coal phase Coal production (TWh) 70.5 13.2 - out brought forward Coal production 28% 6% 11.7 from 2030 on total 8.9 Coal emissions 65 13.6 - (mn ton) Plants (#) 14 10 - 2017 2019 2020 2027 Coal capacity Old Plan (GW) 9.6 27 27#28Global Power Generation 1. 2. Boosting reduction target in GHG emissions, in line with 1.5° scenario enel Scope 11 (gCO₂eq/kWh) 414 -80% SCIENCE BASED TARGETS DRIVING AMBITIOUS CORPORATE CLIMATE ACTION 298 FULL DECARBONIZATION 214 148 82 2017 2019 2020 2023 2030 2050 Previous SBTi target 125 Scope 32 (Mton CO2) 25.3 -16% Scope 1 by 2030, consistent with the 1.5 pathway of the Science Based Target Initiative and the IEA 1.5 scenario Scope 3 related to gas retail activities by 2030, consistent with the 2C pathway of the Science Based Target Initiative 21.2 28#29Global leader in networks for scale, quality and resiliency Strategic actions Adoption of a platform operating model to guarantee management of future networks Ensure the highest level of quality at the lowest cost across all grids Monetize critical know how on non proprietary assets RAB (€bn) (min) SAIDI enel -61% ~70% ~70 259 ~42 ~100 Footprint expansion and 2020 2030 leadership by number of end users 2020 2030 29#30Infrastructure & Networks Capex expansion set to enhance global leadership position 2021-30 Cumulated capex1 By geography ~40% By nature 23% enel Regulated Asset Base (€bn) ~70% 1 9 ~60 €bn ~60 €bn 10% ~42 -60% Europe ROW Average 2021-30 capex. (€bn) 1. Organic capex 6.0 67% -70 2020 2030 Quality & Resiliency Digitalisation Connections 30#31Infrastructure & Networks Create value without increasing costs for end users enel Value creation Quality (SAIDI) Tariff/end user1 (€/cl) RAB/end user (€/cl) Opex/end user (€/cl) 2020 -61% +36% -27% FLAT 259 min -760 41 2030 ~140 ~140 ~560 30 30 2020 2030 2020 2030 End 74 -90 users (mn) 1. Real Terms. Tariff/end user 2020E. ~100 min 2020 2030 31#32Infrastructure & Networks Leveraging on A single global platform Asingle platform... Technology 1. Real Terms Business ୨୮ Processes solutions enel ..enhancing key business drivers... ..for a superior performance 2020 2030 Digitalization Smart meters coverage 60% ~100% 000 Reliability User/Remote ~350 ~200 control point Efficiency $ Opex/End 41 30 user¹ (€/cl) Resiliency 요 SAIDI (min) 259 ~100 Flexibility 32 22#33Infrastructure & Networks Leveraging on An unparalleled scale of our network operations¹ Enel current positioning in networks Europe 1st DSO enel A big platform External HC (#) 51.4k Grids length (mn km) 2.2 2nd DSO Latam 1st DSO 2nd DSO A highly digitalized network Smart meters (mn) 44.3 Remote control points (k) 214 An efficient platform Grids (#) 11 Countries (#) 8 Headcount (#) Opex/End User 2023 vs 20202 -17% 34.7k 2020 expected figures (except for smart meters) 1. 2. Real Terms 33#34Infrastructure & Networks Leveraging on The highest digitalisation expertise enel Digitalization investments Smart meters Digitalisation KPIs (mn) 2015-20 6.5 €bn 27 21 2005 2010 38 2015 2020 Smart meters 100% coverage 44 Users/Remote control point ~350 2020 1st operator to implement massive roll out in early 2000 34#35Infrastructure & Networks Leveraging on Distinctive Intellectual Property value Market share by vendor¹ 20% Vendor 1 enel Smart meter as the pivot of a digital network architecture TLC for field application Ultra broad-band Optical fiber CREN METER 444 mn 19% Renewables integration RES dispatching, Storage Enel 7% Vendor 3 Digital home services activation, connection to smart home devices enei Active Demand and flexibility Unique utility with a proprietary technology >85 mn smart meters produced >4 mn smart meters sold Secondary substations Sensors networks and loT Network Authomation and Remote control MV network authomation LV network remote control 1. Cumulated since 2000, excluding China 35#36B2C - Reference energy choice, enabling electrification of the customer base Strategic actions Increasing customer value enabling electrification through platforms Allowing electrification of consumption through integrated offering of commodity and services Digitalization to enhance customer experience and efficiencies 1. Europe gross margin per customer 2. Europe free market. 2020E. enel Volume sold² Customer value1 (€/Cl/y) (TWh) 71 ~2x 2.5x -100 39 2020 2030 2020 2030 Avg. Unitary consumption 2.5 3.7 (MWh/cl/y)² 36#37B2B - Leading energy partner of global and local businesses Strategic actions Customer value1 Supporting B2B customers in (€/cl/y) fostering efficiency and sustainability Promote the electrification of consumption and the digitalization of processes Expand in core and emerging countries through an integrated value proposition 10% market share of multinationals with full range of services 1. Europe gross margin per customer. 2020E. 2. 2020E. ~1.7x 200 enel Commodity & Beyond commodity value² (Gross Margin, €bn) +1.7x9 1.1 0.2 0.9 2020 2030 2020 1.9 2030 Commodity ■Beyond commodity 37#38B2G - Trusted partner to support cities in their decarbonization and sustainability path Strategic actions Allow decarbonisation through electrification of public transport Enable services for sustainable, smart and circular cities Electric buses1 (k) (mn) enel Street lighting +1.5x >4 >10 ~12x 2.8 Global leadership on smart lighting 0.9 1. Includes leased and served buses 2020 2030 2020 2030 38#39Customers Leveraging on The largest customer base with 70 mn customers1 World's largest customer base in power market Europe Latam Total Customers 95% 28 mn Urban areas 5% Rural areas enel A big platform Total customers 42 mn Customers (#) 70 mn Headcount (#) 9.5k Power and gas customers. 2020 expected figures (except for # of customers) 1. 2. Real terms A highly digitalized customer base Digital interactions 1 mn Digital customers (#) 17 mn per day (#) An efficient platform Opex/Customer 2023 vs 20202 -17% 39#40Customers Leveraging on Digital platforms to handle the business1 Operating platform for customers at Group's level enel Customer segments covered by Enel X plaftorms Fo Opex/ customer² (€/cl) B2C 83 B2B B2G 000 22.6 Zero back office 14.0 Offering integrated with commodity 2020 2030 Home appliances Flexibility services Smart cities solutions ecosystems Digital Interactions Digital customers (mn) 17 45 Cross segment platforms Homix Smart 2020 2030 home solutions Corporate cust. (TWh) 130 EvOs Mobility Platform Customized offering 108 2020 2030 1. 2020 expected figures 2. In real terms E-Pay Financial Services ③ YoUrban Municipalities & citizens Integrated customer operations Der.Os Distributed energy optimization 40#41Customers Leveraging on A growing portfolio of integrated offering enel B2G key offering B2C key offering B2B key offering Charging points (#) Demand Response (GW) Electric buses1 (k) +3x >10 +23x 12x >4mn ~20 186k 0.9 2020 2030 2020 2030 2020 2030 1. Includes leased and served buses 41#42Enel @ 2030 Value for all#43The path to transformation Decarbonization Electrification Total renewable capacity (GW) Free customers volumes (TWh) RES share on total ~145 280 171 49 56% >80% 2020 2030 2020 2030 Thermal production on total B2C Free Unitary Consumption (MWh/cl/y)1 enel Digital & Platforms End users (mn) % digitalized end users >90 74 60% 100% 2020 2030 Demand Response (GW) 35% 16% 2.5 3.7 6 <-20 Green Hydrogen built capacity (GW) EV Charging points² (#) Digital customers (mn) 0 >2.0 186k >4mn 17 ~45 1. Europe 2. It includes interoperability points 43#44Creating value for our customers, society and the environment Customers Society and Environment enel SAIDI (min/y) 259 2020 Reduction of household spending¹ CLEAN ENERGY INDUSTRY INNOVATION INDNERISTRICTURE GHG Emissions scope 1 (gCO2eq/kWh) -100 17 PARTNERSHIPS 2030 FOR THE GOALS 2030 ~25% C&I savings from flexibility² (€mn) > 800 214 2020 Circularity improvement³ DECENT WORK AND ECONOMIC GROWTH M RESPONSIBLE 12 CONSUMPTION AND PRODUCTION 8 13 ALMANE ACTION 82 2030 86% 54% 2020 2030 2030 GDP created from local investments (€bn) >240 1. vs 2019 Europe 2. 3. Materials and fuel consumption expected reduction of the Group's power fleet throughout the life cycle, compared to 2015. 2020E. 4. Calculated from current contracts up to 2024 2021-30 cumulated. Related to construction sites phase through ownership/stewardship models for Global Power Generation, Global I&N and Enel X 44#451. 2. 3. Creating value for Enel Decarbonization AFFORDABLE AND CLEAN ENERGY EBITDA/MWh¹ (€) 31 9%. 40 Electrification enel Digital & Platforms AFFORDABLE AND CLEAN ENERGY INDUSTRY OUATION AND INFRASTRUCTURE 11 SUSTAINABLE CITIES AND COMMUNITIES 2021-30 Enel's adjusted 9 AND INFRASTRUCTURE INDUSTRY, INNOVATION B2C customer value 4 (€/cust/y) 2020 71 2030 +2x EBITDA from stewardship model5 11 SUSTAINABLE CITIES AND COMMUNITIES 4.0 2.8 >17 €bn Operating platforms Business platforms JVs & Partnership 2020 2030 10.1 Opex/end users² (€/cl) Opex/MW 1,2 (k€/MW) B2B customer value 4 (€/cust/y) 2020 2020 32.6 2030 19.4 2020 2030 41 2030 30 200 +70% Opex/customer² (€/cl) ~11 €bn savings on fossil fuels by 20303 13 CLIMATE ACTION 2020 22.6 2030 14 It includes renewables and thermal generation. 2020E. Real terms. 2020E. Compared to Enel's consumption in 2020 4. 5. Europe gross margin per customer. 2020E. It includes share of income from JVs and capital gains 45#461. 2. Creating value for shareholders 3Y Dividend Policy (DPS €/Share) CAGR 20 6% Guaranteed DPS FY 2020 0.43 0.358 0.40 0.38 0.35 20201 2021 2022 2023 Growing dividends to 2030 Minimum guaranteed dividend EPS CAGR 2020-23 + Average 3Y DY in the period (Share price @ 8.2€/share) 2030 enel 3Y Total Return² Average DY ~5% >13% 8%-10% 3Y Total Return -13% Earnings CAGR 46#47Enel @2023 The next three years#48Long term transition kicks off now... -190 ~160 Investments activated for the energy transition 48 -40 2021-30 2021-23 I Enel Third parties 1. Includes equity injections 2. Includes leased and served buses Stewardship model Ownership model Ownership model enel I 2020 2023 O Consolidated RES capacity (GW) 45 ~60 + 38 €bn RAB (€bn) ~42 48 % Digitalized users 60% 64% Stewardship model 2020 2023 RES managed capacity 3.6 7.6 4 (GW) 10 €bn Electric buses2 (k) 0.9 5.5 Households passed 11.1 28.9 (mn) ~2 €bn¹ 48 48#49...driven by investments through the ownership business model... ~38 €bn ΙΘ Stewardship model Ownership model ~ 10 €bn Enel Third parties 1. Europe. Commodity only. Capex by GBL 5% 7% 43% 2021-23 ~38 €bn 45% Renewables Conventional generation Networks Retail enel Value creation KPIs 2021-23 4 EBITDA/ Capex (%) >12% RAB/end user +11% 33 B2C customer value (€/cl/y)1 +26% 49#50Stewardship model Ownership model ...supported by the stewardship business model... enel ~ 38 €bn Investments by cluster Enel's direct investments ~ 2 €bn Enel's adjusted EBITDA1 2021-23 ~10 €bn ~10 €bn ~2 €bn Renewables E-transport Enel Third parties Including share of income from JVs and capital gains 1. 2. Fair Value of contracts in place as of 2023 calculated for full life 0.3 Value of contracts from 20232 8.6 €bn 1.4 2021-23 3.3 €bn Fair Value of 1.6 JVs & Pnships 4 €bn Fiber Flexibility & Other Operating platforms Business platforms JVs & Partnership 50#51crystallising already in the mid term growth and profitability... EBITDA (€bn) CAGR 20-23 5-6% CAGR 20-30 5-6% FY 2020 17.9 ~18 2020E 2023 2030 Net Income (bn) CAGR 20-23 8-10% FY 2020 5.2 5-5.2 CAGR 20-30 6-7% 2020E 2023 2030 +300 bps GNI/EBITDA enel 51#52...on sound financial metrics +400bps FY 2020 25% 22% FFO/Net Debt 26% Stable FY 2020 2.5x Net debt/EBITDA 2.7x 2.7x Stable enel 2020E 2023 2030 2020E 2023 2030 62 52#53Enel @2023 Our ambitions in medium-term targets#54Power Generation The renewable super major Strategic actions 19.5 GW of new capacity 2023 installed capacity halfway through 2030 targets Unchanged profitability levels under the ownership model vs previous plan 2021-23 mature pipeline covers targets by 4x, supporting growth ambitions CO2 emissions down by 65% vs. 2017 1. 65 €bn ownership capex does not include Investments in storage for 5 €bn Total RES capacity enel Cumulated catalyzed investments¹ (GW) (€bn) +40% ། ~145 ~85 68 ~25 ~20 48.6 ~120 -65 60 3.6 20.6 45 3.8 16.8 2020 2023 2030 2021-23 2021-30 Ownership Stewardship 54#55Global Power Generation Renewables ownership business model 2021-23 Owned capacity RES Capacity evolution 45 45 15.4 enel Capex & Profitability Capacity split Gross capex1 By geography By tech 24% EBITDA IRR-WACC i I Capex (bps) ~58% 4.2 15.4 GW 16.8 €bn >12% -200 ~61 ~42% 76% 11.5 2020 Capacity additions 2023 Countries with integrated presence Countries with potential integrated presence 1. Of which 1.1 €bn asset management 15.7 €bn development 55#56Global Power Generation Renewables stewardship business model enel Stewardship additional capacity Capex stewardship model (GW) Value creation EBITDA Cumulated 21-23 300 €mn ~8 3.3 2021-23 3.8 €bn 0.5 4.1 Future value of contracts vs 20201 +1.3x 3.6 Fair value of JVs and Partnerships 900 €mn @2023 2020 Additional Capacity 2023 Enel Third parties 1. Margin of contracts in place as of 2023 calculated for full life 56#57Global Power Generation 305 GW of highly diversified pipeline fuels future growth ambitions... -179 ~305 Renewable pipeline1 (GW) Mature Pipeline ~73 GW enel Breakdown by growth cluster 23% ~73 GW 57% 20% -5 -45 -23 -40 ~12 Gross Early stage Pipeline² COD COD COD beyond 2024-2025 2021-2023 2026 BESS In ■Integrated presence Potential integrated presence execution Other countries 1. As of June 30th, 2021 2. Includes storage for 32 GW in early stage and 8 GW in mature pipeline. 57#58Global Power Generation ...with high level visibility on mid term development targets 2021-23 Renewables growth¹: addressed share vs pipeline² (GW) ~73 GW enel 2021-23 Pipeline/Residual target ~4x BY CLUSTER 19.5 13.2 50 Beyond 2023 Integrated presence 3.0x Potential integrated presence 8.0x 68% addressed 6.3 23 2021-23 Other countries 2.6x #1 Addressed Residual target Pipeline Target additional capacity Including managed capacity 1. 2. As of June 30th, 2021 58#59Global Power Generation The next three years will mark a further acceleration of power generation decarbonisation... Capacity evolution1 enel (GW) Production evolution² (TWh) CO2 emissions (gCO2eq/kWh) ~400 2020 2023 2030 214 148 82 >170 265 217 -80% RES ~100 >80% 87.6 67% RES 53% 56% -70% Emission free production (%) 2020 2023 2030 65% 77% ~85% 2020 2023 2030 2020 2023 2030 Renewables Conventional Generation 1. It includes renewable managed capacity and nuclear capacity 2. It includes renewable managed production and nuclear production 59#60Global Power Generation ...as well as of growth & profitability (€bn) EBITDA evolution +13% enel 2020 2023 A EBITDA/MWh 31 34 +10% 0.3 FY 2020 1.5 7.7 (€/MWh)² 6.8 4.7 (0.9) EBITDA/MW 71 85 +20% (k€/MW)² 4.7 FY 2020 2.2 2.1 2020E RES Growth 6.5 Opex/MW 32.6 30.4 -7% (k€/MW)2,3 1.2 RES Conventional Management generation¹ 2023 EGP Conventional generation 1. It includes nuclear generation, gas and trading 2. It includes renewables and thermal generation. 2020E. 3. In real terms. 60 60#61Infrastructure and Network Global leader in networks for scale, quality and resiliency Strategic actions Capex deployment fuels RAB growth Profitability supported by more than 400 €mn efficiencies Quality and efficiency of network driven by our digital transformation enel RAB (€bn) Quality index - SAIDI (min) -12% +14% -70 259 228 48 -42 ~100 Stable regulatory frameworks provide visibility on returns 2020 2023 2030 2020 2023 2030 61#62Infrastructure & Networks Sharp increase in investments leads to a 14% growth in RAB... Cumulated capex (€bn) (€bn) +37% 11.8 *། ~60 16.2 4.8 4.0 11.4 7.8 65% Group RAB (€bn) 2021-23 Cumulated capex enel 12% *14* ། ~70 48 ~42 15 16.2 €bn 23% 11 31 33 33 2020-22 2021-23 2021-30 plan Quality & Resiliency 2020 2023 2030 Avg. (€bn) Digitalisation 3.9 5.4 6.0 RAB IN/RAB OUT (2021-2023) ~1.4 Connections 62 Europe ROW Europe RoW#63Infrastructure & Networks service ...and progression in digitalization and quality of enel +3% End users and digitalization process End users (mn) Share of digitalized end users Quality and reliability 2020 2023 2030 2020 SAIDI (min) 259 228 c.100 74 ~77 ~90 60% 2023 SAIFI (#) 2.9 2.5 ~2 28 30 Opex/end 41 34.5 30 47 47 64% user (€/cl)1 2020 1. In real terms Europe 2023 2030 RoW Share of digitalized end users @ 2030 100% 63#64Infrastructure & Networks EBITDA evolution Double digit growth supported by capex acceleration enel and efficiencies 2020 2023 Δ (€bn) +19% RAB/end user (€/cl) ~560 624 +11% 0.3 0.5 FY 2020 0.4 9.5 Opex/end user (€/cl)1 41 34.5 -16% 0.3 7.7 ~8.0 EBITDA/end user 104 (€/cl) 124 +19% Stewardship model EBITDA 0.1 €bn Cumulated 21-23 Future value of contracts 2020E RAB Efficiency Regulatory & Volumes Tariff 2023 +1.8x vs 20202 1. In real terms 2. Margin of contracts in place as of 2023 calculated for full life 49 64#65B2C - Reference energy choice, enabling electrification of the customer base Strategic actions +10 mn free market customers on end of regulated segment and integrated commercial offering Initial take up of electrification push through commodity and beyond proposition Customer value1 (€/cl/y) (TWh) +28% 91 Efficiencies unlocked by platform operating model 71 1. Europe gross margin per customer 2. Europe Free market. 2020E. enel Volumes sold² +59% 59% 9 39 62 62 ~100 2020 2023 2030 2020 2023 2030 Avg. Unitary consumption 2.5 (MWh/cl/y)² 2.6 3.7 65#66B2B - Leading energy partner of global and local businesses Strategic actions +10% increase in customer value in first 3 years supported by integration of beyond commodity enel Customer value1 B2B Gross margin² (€/cl/y) (€bn) 1.9 +45% +27% Value generation driven by 1.4 platform-based management 289 1.1 0.4 0.2 Acceleration of PPAs and energy services addressing sustainability needs 200 1 0.9 1. Europe gross margin per customer. 2020E. 2. 2020E. 2020 2023 2030 2020 2023 2030 Commodity Beyond commodity 66#67B2G - Trusted partner to support cities in their decarbonization and sustainability path Strategic actions Steep acceleration for E-buses with a six-fold increase of fleet deployed Stronger leadership on public lighting with double digit growth by 2023 Electric buses1 (k) (mn) +6x Foster sustainability of cities by 5.5 adding >200k public charging points 0.9 1. Includes leased and served buses. 2. Includes interoperability points. 2020E. +21% enel Street lighting >4 >10 3.4 2.8 2020 2023 2030 2020 2023 2030 Public charging points² (k) 79 289 67#68Customers Increasing share of free market customer base Customers (mn) 42 42 Developed markets 19 +48% (Europe)¹ 34 23 Electricity sold (TWh) 39 205 180 13 43 +40% 192 137 2020 2023 2020 2023 enel Developing 28 29 117 95 economies (Latin America) 2020 2023 2020 2023 68 Free Market ■Regulated Market 1. Power and gas customers#69Customers Expanding customer value drives EBITDA up by 36% enel EBITDA evolution 2020 2023 Δ (€bn) B2C customer value1 (€/cl/y) 71 91 +30% +36% B2B customer 0.3 0.1 0.4 value¹ (€/cl/y) 200 289 +45% FY 2020 0.5 (0.1) 4.5 B2G Revenues 3.4 +60% vs 2020 3.3 Opex/Customer (€/cl)² 22.6 18.8 -17% Stewardship model EBITDA Cumulated 21-23 1.4 €bn 2020E B2C B2B B2G Efficiency FX & Other 2023 Future value of contracts vs 2020³ +2.6x Fair Value of JVs & Partnerships 3.1 €bn 69 1. Europe gross margin per customer. B2B customer value 2020E. 3. Margin of contracts in place as of 2023 calculated for full life 2. In real terms. 2020E.#70Customers Retail and Enel X enel Ownership Retail - Stewardship Enel X - Cumulated capex EBITDA evolution (€bn) Cumulated capex EBITDA evolution (€bn) 61% Digital -25% A 74% +2.5x. 2021-23 1.7 €bn 2021-23 4.3 €bn 4.0 0.5 3.2 39% 26% 0.2 CTA Enel Third parties 2020 2023 2020 2023 EBITDA/cust.1 Charging points³ (k) ~186 ~780 45 58 (€/cl) Demand Response Opex/Custumer 6 10.6 22.6 18.8 (GW) (€/cl)² Storage (MW) 123 527 70 Bus (k) Power and gas customers. 0.9 5.5 1. 2. In real terms. 2020E. 3. It includes interoperability points#71Enel @2023 Sustainable growth and value#72Capex split and EBITDA growth by GBL 1. 2. enel Cumulated catalyzed investments 2021-23 6% 16% 8% ~90% SDG aligned¹- AFFORDABLE AND CLEAR ENERGY INDUSTRY INDUKTION INDMNFRASTRUCTURE A (€bn) Incremental EBITDA 2021-23 2023 vs 20 +1.7 CLIMATE 13 ACTION 34% 48 €bn 36% 80%/90% EU Taxonomy eligible 1,2 Renewables Networks Third parties Conventional generation Retail & Enel X THE EU TAXONOMY Of consolidated Capex Alignment to EU Taxonomy criteria (Climate Change Mitigation) -0.2 P +1.8 +1.1 72 12#731. 2. 3. Creating value for Enel Decarbonization EBITDA/MWh¹ (€) +10% 31 2020 34 2023 Opex/MW2 (k€/MW) 2020E 32.6 2023 30.4 AFFORDABLE AND CLEAN ENERGY ~11 €bn savings on fossil fuels by 20303 It includes renewables and thermal generation. 2020E. In real terms. 2020E. Compared to Enel's consumption in 2020 Electrification B2C customer value (€/cl/y) AFFORDABLE AND CLEAN ENERGY enel Digital & Platforms INDUSTRY, INNOVATION 9 AND INFRASTRUCTURE 11 SUSTAINABLE CITIES AND COMMUNITIES INDUSTRY OUATION AND INFRASTRUCTURE 11 SUSTAINABLE CITIES AND COMMUNITIES 2021-23 Enel's adjusted EBITDA from stewardship model5 0.3 91 71 1.4 3.3 €bn 1.6 Operating platforms Business platforms JVs & Partnership 2020 2023 B2B customer value 4 (€/cl/y) 200 Opex/end users² (€/cl) 2020 2023 289 41 34.5 Opex/customer² (€/cl) 2020 2023 22.6 18.8 2020 2023 13 ACTION CLIMATE 4.. Europe gross margin per customer. 2020E. 5. Including share of income from JVs and capital gains 2020E. 73#74Enel @2023 Sustainable finance & financial management#75A strong financial position (€bn) Source of funds allocation 2021-23 9.4 46.2 (40.0) (€bn) 25% Net debt evolution 26% 57-58 45.4 (15.6) enel 26% Sources of funds Incremental debt Gross capex1 Dividends 2020 2023 2030 2.5x 2.7x 2.7x 1. Includes capex associated with stewardship model FFO/Net debt Net debt/EBITDA 75#7612 1. 2. Excellent credit quality and well distributed maturities Net Debt/EBITDA of top European Utilities1 enel Liquidity and debt maturity by year (€bn) 3.1% 8.3% 8.5% 3.4x 2.7x 2.5x 20.2 2020 2023 ■ Enel Average Peers Maturities/Gross Debt 13.5 5.6 5.9 2.0 Available liquidity2 2021 2022 2023 2021-23 New plan Last 3 years Yearly refinancing on average gross debt 11.9% 15.0% 76 The panel includes integrated European Utilities (EDP, Iberdrola, EDF, E.on, Innogy, Engie, Naturgy). Source: Bloomberg estimates @17/11/2020 As of June 30th, 2021#77A growing share of sustainable finance Sustainable Finance evolution +15pp >20pp 30% 33% 2020 52% 2023 48% 2030 67% >70% Sustainable sources Traditional sources enel Expected impact on cost of debt -15/-20 bps AFFORDABLE AND CLEAN ENERGY 13 CLIMATE Conventional Bond Kd Sustainability benefit Sustainable Bond Kd 77#78The synergy between private and public sources Sustainability-Linked Private Sources enel Public Sources Bonds Loans and RCFs 1 Commercial Papers Size 11.1 €bneq 7AFFORDABLE AND CLEAN ENERGY 13 CLIMATE ACTION 8.4 €bn² 7AFFORDABLE AND CLEAN ENERGY eq 14.1 €bn² Loans 1 0.8 €bneq AFFORDABLE AND CLEAN ENERGY KPIs Pricing adj. AFTORBABLE AND CLEAN ENERGY 55% @ 2021 RES Capacity/Total Capacity 60% @ 2022 RES Capacity/Total Capacity RES capacity on total 2020 54% 2030 80% 12 1. Data as of November 2020 2. Programme size - Enel, EFI and Endesa, KPIs set for Endesa differ from Enel's ones 13 ACTION CLIMATE 125 g CO2eq/kWh @2030 CO2 emissions (gCO2eq/kWh) 2020 2030 214 82 78#79EU recovery plan to drive an increase in European investments EU recovery plan1 Enel capex in Europe enel (€bn) (€bn) 750 Loans 360 1,824 +52% Grants² 390 52% 1 1,074 60% ~40% to EU Countries of presence 15.9 Enel business aligned 24.2 EU budget 2021-27 Next Generation Recovery Plan 2020-22 plan 2021-23 plan EU 2021-24 ရှာ Just transition Flexible generation Circularity & innovation Digitization Resilience Hosting capacity Transport electrification Energy efficiency 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. 79#801. Further reduction in cost of debt Financial strategy for 2021-23 enel Cost of debt evolution 2020-23 Amount Expected Current 32% 48% (€bn) cost¹ total cost Centralized new 6.5 0.9% funding 4.0% 3.9% 3.8% 3.7% Bond refinancing 8.3 0.9% 3.8% 3.7% 3.6% 3.4% Bank loans 4.7 1.3% 2.1% 3.3% 2020 2021 2022 2023 Emerging markets 4.5 6.0% 6.0% Net Financial 2.2 2.2 2.2 2.2 Expenses Total 24.0 2.0% 3.7% Enel estimates on current cost associated with financial instruments Share of sust. finance Cost of debt New Plan Cost of debt Old Plan 80#81Enel @2023 De-risking targets#821. 2. 2021-2023 targets will maintain a low risk profile Decreasing risk perception 1.14 Enel Beta 2015-20201 Business model highly visible and stabilized enel Cumulated EBITDA 2021-23 REN development secured Renewables Production secured -25% 80% 0.85 O Additional Capacity 2021-23 (GW) 58% 19.5 60 €bn Gap to target (GW) 6.3 ~400 TWh 2021-23 20% 16% 26% As of November 20th 2020. Volume sold forward in year n-1 Contracted & regulated activities Covered by PPA Merchant 2021-23 pipeline Residual target -4x Forward sales Hedge w/retail portfolio² 82#83Power production volumes and margins locked in thanks to long customer position in Europe... Integrated margin - Generation GM vs retail GM enel Hedging position on price driven production Coal & Gas 4% Renewables Hedging of margins based on scenario/market Pool price indexed Delta Integrated margin hedged STABLE Large customers vs 20191 STABLE + Nuke Natural hedging with 96% retail portfolio Residential, Small & Medium customers 97% 83% Generation Gross margin 1. Calculated on same 2019 mix Retail 2021 2022 portfolio 83#84...with Power Purchase Agreements offering long term visibility in Row (TWh) Growth of PPA portfolio +20% PPAs key features By Off-taker rating 5% 17% 26% -230 ~230 TWh 191 24% enel By Duration ~230 TWh 28% 52% 18% 30% 49% 58% 2020-22 2021-23 AAA to A- BBB+ to BBB- BB+ to BB- B+ to CCC- >15 yrs 10-15 yrs 5-10 yrs < 5 yrs Share of PPA sales on total expected production C&I 19% Utilities/ Discos 81% 11.9 years avg. duration 84#852021-23 Targets#862021-2023 Financial Targets enel 2020 2021 2022 2023 Earnings growth CAGR 2020 Ordinary EBITDA (€bn) 17.9 18.7-19.3 19.7-20.3 20.7-21.3 +5% / +6% Net ordinary income (€bn) 5.2 5.4-5.6 5.9-6.1 6.5-6.7 8% 9% CAGR 2020 Value creation Guaranteed DPS (€/sh) 0.358 0.38 0.40 0.43 +6% Implied Dividend Yield 1 (%) 4.3% 4.6% 4.8% 5.2% 1. Share price @ 8.276 €/share, as of December 30th 2020. 86#87Closing remarks#88Closing remarks Global Renewable super major Unparalleled Networks worldwide Maximized Customers value Best in class Total Return enel Sustainable Value for all 88#89Full Year enel 2020 Consolidated results#90Full Year 2020 Consolidated results Francesco Starace CEO enel#91Key highlights of the year Results & shareholders remuneration enel Push on decarbonisation Group simplification Credit rating improvements 5.2 €bn Net Income at top of the range 0.358 €/sh DPS (+9% vs 2019) +3.1 GW New record on renewable built capacity despite COVID-19 Merger of EGP Latam into Enel Americas effective as of April 1st 2021 Moody's upgrade to Baa1 91#92A remarkable operational and financial performance enel amidst COVID-19 pandemic Operational delivery... ...coupled with outstanding financial performance Continued growth +3.1 GW 2020 Total Shareholder Return³ in renewables Net income 5.2 €bn Digitalized end users1 +500k DY 22% 5% 14% Increasing Share +200k customer base² price increase 17% Charging points +104k enel Euro Stoxx Utilities DPS 0.358 €/sh 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 92#931. Enhancing green leadership position entering the new decade enel RES 49 Capacity (GW)' 38 32 enel 2nd 3rd Unmatched and proven track record... RES built capacity (GW) ...to deliver the RES super major RES capacity (GW) 74 End users (mn) 1 3.0 3.1 38 31 enel 0.9 2nd 3rd 0.3 70 Customers (mn)1 51 37 ene 2nd 3rd -7 3x9 145 68 46 49 2009 2015 2019 2020 2023 2019 2020 2023 2030 2019 data for comps. Renewable capacity includes managed capacity. Number of customers includes gas and power 93#94Fostering scale, quality and resiliency of the backbone enel of the energy transition RES Capacity (GW)' 49 38 32 enel 2nd 3rd Value creation without increasing costs for end users End users (mn) Quality (SAIDI) 2019 -12% 74 -90 294 min 74 74 2020 61 End users (mn) 1 38 31 enel 259 min 2nd 3rd 2015 2019 2020 2030 RAB (€bn) ~42 ~70 70 Customers (mn)1 51 37 ene 2nd 3rd 2030 (min.) -100 1. 2019 data for comps. Renewable capacity includes managed capacity. Number of customers includes gas and power 94#95Positioning optimally to benefit from growth of customers' value enel Highly urbanized customer base enhances value creation from electrification RES 49 Capacity (GW)' 38 32 Total customers enel 2nd 3rd Europe 42 mn B2C Customer value² (€/Cl/y) 74 End users (mn) 1 Latam 38 31 enel 2nd 62 71 3rd 95% Urban areas 28 mn 2019 2020 2030 70 Customers (mn)1 51 37 ene 2nd 3rd Rural areas 1. 2. 2019 data for comps. Renewable capacity includes managed capacity. Number of customers includes gas and power Europe, Gross margin per customer +2x 95#96Delivering on a fully sustainable capex plan, net of currency impact capex up by 7% yoy Capex by business model and GBL 10.2 5% 4% Ownership model enel FY 2019 FY 2020 Stewardship¹ 0.7 Ownership 9.5 Stewardship model Ownership model Consolidated RES capacity (GW) 42.1 45.0 9.5 €bn 41% Smart meter 2.0 (mn) 13.1 18.2 ရှာ 50% Customers free market (mn) 17.2 17.4 4% Stewardship model FY 2019 FY 2020 RES managed capacity 3.7 3.6 0.7 €bn 55% (GW) 41% Electric buses (unit) 283 912 FY 2020 Household passed (mn) 7.9 11.1 Global Power Generation ■Retail ■Networks Enel X Other 96 1. It does not include 0.1 €bn of equity injections.#97Global Power Generation Key highlights Production from renewables overtakes conventional sources on greener installed base Conventional generation production down by 22% on a 65% drop in coal production CO2 emissions declined by 28% versus 2019 1. It includes nuclear generation and production from renewable managed capacity. 2. It includes nuclear and renewable managed capacity. Production evolution1 enel Renewables (TWh) Conventional Generation (TWh) XX Production on total Capacity on total² 239.4 217.0 Capacity on total² --22% 48% 129.7 44% 101.7 54% 47% 52% 109.6 +5% 56% 115.3 46% 53% FY 2019 FY 2020 GHG emissions 298 214 (g CO2eq/kWh) 97#98Set new additional capacity record with 3,100 MW built in 2020 notwithstanding COVID-19 Renewable capacity evolution (GW) enel Emission free share of production¹ 45.8 Total capacity I 0.2 0.3 3.7 2.9 42.1 +3,100 MW FY 2019 Built Disposal 48.6 57% emission free 65% emission free 3.6 FY 2019 239 TWh FY 2020 217 TWh 45.0 Emission free production +8 p.p. vs previous year FY 2020 1. Consolidated capacity ■Managed capacity 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) 98#99Further acceleration on coal exit to boost GHG emission reduction Coal production (TWh) Coal capacity (GW) enel XX% Coal production on total 1 XX% Coal capacity on total¹ -65% -24% 37.6 16% 6% 13.2 FY 2019 FY 2020 11.7 FY 2019 8.9 14% 11% FY 2020 Coal phase out brought forward from 2030 to 2027 1. Does not include managed capacity and production Coal production down by 65% yoy 2.8 GW of coal capacity shut down in 2020 Revenues from coal 2.5% on total 99#100Renewable pipeline up 1.5x enhances visibility on delivery Renewables Pipeline (GW) enel GENERATION +1,5x +9 ~120 141 ~206 2021-23 Additional STORAGE capacity ~60 ~15 10.5 2021-23 Pipeline/Residual target 3.5x 10.5 19.5 BY CLUSTER GW 9.0 Integrated 2.4x presence Potential integrated 9.0x presence Other countries 4.4x 2 Gross Pipeline @CMD Gross Pipeline 1 Early stage pipeline Mature Pipeline BESS In execution Capacity addressed Residual target 100 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.#101Infrastructure & Networks Key highlights Double digit decrease in SAIDI during COVID-19 year Grid digitalization: 60% of end users with smart meter COVID-19: Europe not affected, in Latam financial impact offset, economic recovery under discussion 1. 2019 restated figure 294 SAIDI (min.) -12% 259 enel Smart meter (mn) XX Smart meter 2.0 +500k 43.8 13.1 44.3 FY 2019 FY 2020 FY 2019 FY 2020 Electricity distributed¹ (TWh) 508 485 End users¹ (mn) 73.8 74.3 18.2 101#102Retail & Enel X Total power customers (mn) Free market power customers (mn) Retail Free market energy sold (TWh)1 enel Enel X and new infrastructures +200k -7% 184.0 170.7 17.4 -10% 17.2 145.4 131.4 38.5 39.4 +2% FY 2019 FY 2020 FY 2019 FY 2020 64.6 63.7 B2B B2C 1. It includes energy losses. 2. Public and private charging points. It includes interoperability points. مھ م FY 2019 FY 2020 +2.3x Charging points² (k) 82 186 +41% Fiber deployment (Households passed mn) 7.9 11.1 +17% Street lighting (mn) 2.4 2.8 +12% Storage (MW) 110 123 p Demand Response (GW) 6.3 6.0 102#103Merger of EGP Latam assets in Enel Américas enel enel Américas 65% 1 enei 100% enel Green Power Latin America September 2020 End December 2020 PTO launched March 15th, 2021 April 2021 BOD launched the transaction Merger approval 1. Situation at year end 2020 2. Exchange Ratio 0.41x Merger effective as of April 1st 2021 Enel shareholding post transaction² >75% Merger completion PTO launched on 10% of pre- merger share capital @ 140 CLP/sh 103#104Total Shareholders Return at 22% +9% DPS (€/Share) +20% Guaranteed DPS 0.43 enel 2020 Total Shareholder Return¹ Dividend yield 5% 0.40 22% 0.38 0.358 0.328 17% 2019 2020 2021 2022 2023 2020 DPS above guaranteed 0.35 €/sh Guaranteed DPS double digit growth by 2023 1. From Jan 2020 to December 2020 Share price increase 104#105Full Year 2020 Financial results Alberto De Paoli CFO enel#106Financial highlights (€mn) EBITDA1 Net Income¹ FFO Net Debt 17,940 5,197 11,525 45,415 +9% -1% +1% FY 2019 17,905 4,767 11,630 45,175 1. Ordinary figures enel 106#107Currencies' weakness over 2020, electricity demand starts recover in H2 FY 2020 enel Currencies vs. euro 1 (A yoy) Electricity demand (A yoy) FY H1 2020 H2 2020 -9% Italy ARS/EUR -34% BRL/EUR CLP/EUR -24% -5% -2% -8% Spain -5% -3% -5% Brazil -13% -1% 2% 2% Chile +1% -% -2% Colombia -2% -6% -2% COP/EUR -13% PEN/EUR 1. Average FX of period 107#108FX and COVID-19 impact on demand and bad debt (€bn) enel Net of Ordinary FX COVID-19 Bad debt COVID-19 & FX EBITDA 17.9 1.0 0.73 19.6 Net of FX and COVID-19, EBITDA would have increased by 9% COVID-19 impact mainly associated with declining volumes in Latam D&A impacted by bad debt provision increase Net of FX and COVID-19, Group Net Ordinary Income up by 24% D&A (6.7) 0.37 (0.29) (6.6) Group net ordinary Income 5.2 0.25 0.30 0.15 5.9 108#109Ordinary EBITDA in line vs PY despite COVID-19 and FX devaluation impact enel EBITDA FY 2020 By business model By business line 0.3 + 4.7 7.7 17.9 €bn1 17.9 €bn1 2.2 17.6 3.2 EBITDA net of FX and COVID-19 +9% versus previous year Generation performance boosted by renewables development Networks in Europe up by +2%, Latam still affected by COVID-19 dynamics 1. ■ Ownership Stewardship Networks ■Conventional generation Enel X EGP Retail It excludes "Services & Other" for around -0.1 €bn. It excludes extraordinary items in FY 2019 (-201 €mn: +94 €mn Disposals of Mercure plant, +50 €mn second tranche Rete Gas Earn Out, -205 109 Єmn impairment coal Italy, -103 €mn impairment coal Iberia, -30 €mn price adjustment Kafireas, -7 €mn impairment coal Russia) and FY 2020 (-1.124 €mn: -759 €mn energy transition fund (-612 €mn Iberia, -131 €mn Italia, -11 €mn Colombia, -4 €mn Chile), -133 €mn donations and emergency costs, -186 €mn impairment Italy, -24 €mn impairment Chile, -9 €mn impairment Spain, -14 €mn other EGP Italy (-4 €mn EF Solare Italia, -10 €mn solar panels and other)#110Global Power Generation Performance driven by growth in renewables, efficiencies and short position EBITDA evolution (€mn)1 EGP Conventional Generation & Trading enel EBITDA by geography1 +12% 6,203 6,951 Positive contribution of new RES capacity 5% 27% 33% 2,230 1,585 Benefits from short position and gas portfolio management FY 2020 7.0 €bn 11% 24% 4,721 4,618 FY 2019 FY 2020 Gross Margin/ MWh 39.9 43.2 1. Includes Nuke and Trading; FY 2019 restated. Ongoing efficiencies in conventional generation FY '19: 260 €mn PPA early termination and JV unwinding FY '20: 170 €mn provision reversal Italy Latin America Iberia RoW North America 110#111GPG - Enel Green Power Continued delivery on renewable growth drives EGP result in 2020 EBITDA evolution (€mn)1 enel EBITDA by geography1 +2% 4,618 4,721 500 €mn positive contribution from new capacity developed Benefit from higher volumes (+6 TWh yoy) 340 €mn negative impact from FX devaluation 4% 29% 42% FY 2020 4.7 €bn 9% 16% Italy Latin America FY 2019 FY 2020 Net of FX and non recurring items EBITDA up by 14% Iberia RoW North America Opex/MW (k€/MW) 37.2 33.3 1. FY 2019 restated 111#112GPG Conventional generation and trading Production down by 22% yoy, benefits from trading activities and efficiencies EBITDA evolution (€mn)1 enel 14 EBITDA by geography1 1,585 +41% 2,230 Gas portfolio management and short position Efficiencies for around 150 €mn mainly in Italy and Spain Around 130 €mn negative impact from FX 1% 15% 5% FY 2020 57% 2.2 €bn 22% Italy Latin America FY 2019 FY 2020 170 €mn from provision reversal in Spain Iberia RoW North America Opex/MW (k€/MW) 33.7 30.3 1. FY 2019 restated 112#113Infrastructure and Networks EBITDA up by 3% net of currency devaluation and COVID-19 impact EBITDA evolution (€mn)1 enel EBITDA by geography1 -6% 8,228 7,714 2,259 Latam 1,598 5,969 6,116 Europe FY 2019 FY 2020 Opex/End users (€/cust) 42.6 37.3 SAIDI (min.) 294 259 Quality and efficiency programme drive growth in European networks Demand contraction impacted networks in Latam Strong FX devaluation impacting for 480 €m n FY '19: 140 €mn regulatory settlement in Argentina FY '20: 180 €mn provision rev. Spain 21% FY 2020 7.7 €bn 27% 201 50% Italy Latin America Iberia RoW 113#114Retail Increase in customer base in spite of COVID-19 enel 83 EBITDA evolution (€mn)1 Free market Energy sold (TWh)² -3% -4% 66.2 64.2 Free market customer base increase driven by +300k customers in Italy 16.1 17.2 +7% 3,334 3,197 Italy 50.1 47.0 -6% Regulated 600 markets 6% 639 Volumes contraction in Spain, recovery signs in Italy FY 2019 FY 2020 ■ B2C -11% B2B Free 2,734 2,558 markets -6% Opex/customers down by 7% versus previous year 85.1 75.7 19.4 18.7 -4% Iberia 65.7 FY 2019 FY 2020 57.0 -13% Opex/cust. 22.9 (€/cust) 1. FY 2019 restated; 2. Includes energy losses. 21.2 FY 2019 FY 2020 114#115Profit & loss (€mn) enel FY 2020 FY 2019 ▲ yoy Ordinary EBITDA 17,940 17,905 -% D&A (6,656) (6,809) -2% EBIT 11,284 11,096 +2% Financial expenses¹ (2,197) (2,413) -9% Results from equity investments 134 (88) n.m. EBT 9,221 8,595 +7% Income taxes (2,541) (1,960) +30% -2 Minorities Group net ordinary income² 1. Includes other financial expenses (-20 €mn in FY 2020, -158 €mn in FY 2019) 2. Excludes extraordinary items: FY2019 (-2,593 €mn: +97 €mn disposal Mercure plant, +49 €mn second tranche earn out Rete Gas, -1,412 €mn coal impairments and other Italy, -108 €mn impairment USA, -902 €mn coal impairments Iberia, -151 €mn coal impairments Chile, -60 €mn impairment RGRES, -34 €mn Slovenske investment impairment and -72 €mn other); FY2020 (-2,587 €mn: -720 €mn Italy due to asset impairments and devaluation of SVK credit, -424 mn JTF mainly in Iberia and italy, -433 115 Єmn Slovenske investment impairment, -86 €mn donations and other cost due to COVID-19, -164 €mn impairment Argentina, -351 €mn impairment Mexico, -338 €mn impairment coal Chile, -66 €mn other impairments GPG, -6 €mn write-down of Funac in Brazil) (1,483) (1,868) -21% 5,197 4,767 +9%#116Net Ordinary Income up by 9% driven by focus on minorities and financial charges Net Ordinary Income evolution (€bn) enel +9% 0.2 0.2 0.2 0.0 4.8 (0.6) 0.4 5.2 FY 2019 EBITDA D&A Financial Income charges on equity Taxes Minorities FY 2020 Net income increase net of FX impact +14% yoy Financial expenses reduction thanks to lower cost of debt Minorities decreased vs PY also thanks to our simplification effort 116#117Cash flow (€bn)1 17.9 (2.1) (0.4) (0.4) (1.6) ( 2.0 ) 11.5 (10.2) enel 1.3 Ordinary A Provisions² Provision EBITDA reversal in Spain AWorking capital & other Income taxes Financial expenses ³ FFO Capex FCF 3 PY 17.9 (1.8) (0.0) (1.8) (2.7) 11.6 (10.0) 1.7 Delta YoY -% -17% n.m. -15% -25% -1% +2% -21% 1. Rounded figures 2. Accruals, releases, utilizations of provisions in EBITDA (i.e. personnel related and risks and charges), accruals of bad debt Includes dividends received from equity investments က 3. 117#118Debt (€bn) 45.2 Hybrids 2.4 1. (1.3) Net debt evolution 1.0 0.5 4.7 Gross debt -4% enel 61.5 59.0 (2.3) 45.4 9.0 6.0 Cash 7.3 7.6 Fin. receivables Hybrids 45.4 Net debt 45.2 Dec 31, 2019 FCF Dividends paid APM New leasing FX1 Dec 31, 2020 Dec 31, 2019 Dec 31, 2020 Cost of It includes foreign exchange derivatives realized in the period 4.1% gross debt 3.7% -40 bps 118#119Liquidity position and credit metrics Strong financial position with ample liquidity available Liquidity position and LT debt maturities (€bn) 1 Credit metrics enel 2019 2020 18.6 O 24.6 €bn 2021-23 Maturities 14.9 €bn 13.2 NET DEBT /EBITDA 2.5x 2.5x 6.0 1.9 FFO/NET 26% 25% DEBT 5.9 5.8 Rating Outlook 1.4 1.0 11.3 3.2 Moody's Baa1 Stable 1.8 4.5 4.8 1.4 Available committed credit lines 2021 2022 2023 Bank Loans & Others S&P BBB+ Stable 2024-2025 Bonds ■Cash Fitch A- Stable 1. As of December 31st, 2020. 119#120Accelerating towards next decade goals... enel Earnings at top of the range confirming an outstanding growth in spite of COVID-19 disruption A solid operating roll out supporting long term positioning to capture energy transition opportunities People first: proactive measure to protect people and ensure business continuity Top quartile 2020 Total Shareholder Return 120#121First Half 2021 Consolidated results July 29th, 2021 enel#122Key highlights of the period Financial results Push on renewables enel Simplification Shareholder return Visible translation of operating recovery into financials Significant acceleration in RES additions with +3.6 GW built over the LTM Earnings accretion from Latam restructuring 0.38 €/sh guaranteed DPS +6% vs 2020 122#123Solid operating recovery in Q2 Renewables Infrastructure & Networks Volumes dynamics back to pre COVID-19 levels Sharp acceleration in renewables additions fueling current and future growth P Additional built capacity (MW) Electricity distributed (TWh) +2.7x +11% enel Customers Uplift in volumes drives operating recovery Energy sold in the free market (TWh)1 +19% 1,100 120 44 37 400 108 Q2 2020 Q2 2021 Q2 2020 Q2 2021 Q2 2020 Q2 2021 1. It includes energy losses 123#124Delivering on a fully sustainable capex plan, with investments up by 20% yoy Capex by business model and GBL (€bn) +20% 1% 6% Ownership model enel 4.1 4.9 0.3 4.6 H1 2020 H1 2021 ■Ownership Stewardship Ownership model Stewardship model 47% H1 2020 H1 2021 Consolidated RES 42.9 46.6 capacity (GW) 4.6 €bn Smart meter 2.0 (mn) 14.9 21.0 ရှာ 46% Customers free market 17.3 18.4 (mn) 47% 0.3 €bn 2% Stewardship model RES managed capacity (GW) 3.5 H1 2020 H1 2021 3.3 51% Fiber deployment 8.7 12.1 (Households passed mn) Charging points (k) 106 232 124#125Key highlights Global Power Generation enel Capacity and production evolution² Renewables Conventional Generation Production (TWh) Capacity (GW) Renewable capacity reached 50 GW, 56% of total capacity +2.7 GW yoy +8% yoy 118 111 89.5 86.2 88.9 103 -23% Phase out of coal capacity for more than 700 MW 46.4 39.8 39.0 66 51 47 vs 2019 Total production up by 8% yoy, emission free production at 65%¹ 43.1 46.4 49.9 52 56 60 +15% vs 2019 H1 2019 H1 2020 H1 2021 H1 2019 H1 2020 H1 2021 56% Emission free production 65% 125 1. It considers nuclear and renewables (consolidated and managed) 2. It includes nuclear and renewable managed capacity and production.#1261. Acceleration in renewables additions, 3,600 MW built in the last twelve months Renewable capacity evolution LTM and outlook1 (GW) enel 46.4 3.6 (0.1) 100% in execution 49.9 ~4.5 H1 2020 Built Portfolio rotation H1 2021 H2 Additions FY 2021E It includes renewable managed capacity. Well on track to reach c. 5,800 MW additions in 2021 1.3 GW built YTD, delivery in line with historical development seasonality Limited impact from commodities prices spike on equipment costs; supply contracts at fixed prices 100% supply already secured to the end of 2022, capex fixed at project approval 126#127Pipeline enhances visibility on 2021-23 target (and beyond) and ringfences returns enel Renewables Pipeline (GW) Mature pipeline by geo 2021-23 Additional capacity target 19.5 GW 33% ~305 -40 ~179 Residual target² 6.3 GW 24% ~73 GW Pipeline 3.6x Coverage Ratio³ 29% 14% +29 GW vs PY -73 ~12 Europe Latin America North America ROW Gross Pipeline BESS¹ Early stage Mature In execution 1. It includes storage for around 32 GW in early stage and around 8 in mature pipeline 2. It includes capacity in execution and built 3. Calculated using 2021-23 mature pipeline 127#128Infrastructure & Networks 231 Electricity distributed¹: quarterly evolution (TWh) +6% 246 +7% yoy enel Focus on Latam H1 2020 H1 2021 37.6 40.0 +6% Q2 120 108 179 H1 2021 (+11% 246 TWh 7.8 8.0 +3% +5% yoy 6.7 7.0 +4% Q1 123 126 +2% 8.1 8.2 +1% H1 2020 H1 2021 Europe Latin America SAIDI (min) 265.1 250.3 3.7 4.1 +11% Smart meters 14.9 21.0 128 2.0 (mn) 1. 2020 restated figures#129Retail & Enel X Total power customers (mn) Free market power customers (mn) +1.1mn 17.3 Retail Free market energy sold (TWh)1 +10% 90.1 81.8 18.4 +11% 62.3 69.4 مو Enel X and new infrastructures enel H1 2020 H1 2021 +2x Charging points² (k) 106 232 +39% Fiber deployment (Households passed mn) 8.7 12.1 +21% Street lighting (mn) 2.4 2.9 +6% +25% 19.5 20.7 Storage (MW) 110 137 H1 2020 H1 2021 H1 2020 H1 2021 +21% 64.2 63.3 B2B B2C p Demand Response (GW) 6.1 7.4 1. It includes energy losses. 2. Public and private charging points. It includes interoperability points. 129#130Acceleration of simplification process in Latam EGP AMERICAS' MERGER April 1, 2021 ENEL COLOMBIA'S CREATION July 27, 2021 enel 82.3% stake in Enel Américas after EGP Américas merger and PTO 15.2 GW Enel Américas capacity post merger Higher visibility on renewables operations to enhance value creation Merger between Emgesa, Codensa, EGP Colombia and ESSA 2 EGM approved the creation of Enel Colombia, Enel Americas stake post merger at 57.345% Creation of a leaner and robust vehicle to support growth 130#131H1 2021 Financial results enel#132Financial highlights (€mn) EBITDA1 Operating performance stabilization supports recovery in economic result Net Income1 Up by 10% net of FX, liability management and non-recurring items -5% +10% enel FFO Recovering from COVID-19 impact -4% net of FX, liability mgmt. and non-recurring +31% 8,794 8,360 2,405 2,299 2,678 2,052 H1 2020 H1 2021 H1 2020 H1 2021 H1 2020 H1 2021 1. Ordinary figures 132#1331. Solid and visible recovery in the operating performanceenel bodes well for full year target Q1 Evolution (€bn) Q2 Evolution (€bn) EBITDA by business line 8.79 (0.27) (0.33) 0.17 8.36 0.37 (0.10) (0.12) 4.05 4.74 4.20 3.5 H1 2021 8.4 €bn1 (0.17) (0.21) (0.20) 1.6 4.16 X 3.2 33 EBITDA H1 2020 FX Non recurring Operating performance EBITDA H1 2021 It excludes extraordinary items in H1 2020 (-149 €mn: -82 €mn donations and emergency costs, -67 €mn impairment) and H1 2021 (-641 €mn: -24 €mn COVID-19, -555 €mn energy transition fund, -62 €mn impairment). 133#134Global Power Generation Visible recovery in Q2 driven by new renewable additions EBITDA evolution (€mn) enel EBITDA by geography EGP Conventional Generation & Trading -6% 3,369 3,159 c.250 €mn from new capacity installed 9% 33% 21% 1,073 961 Normalization of trading activities and short position in Spain H1 2021 3.2 €bn 5% 32% 2,296 2,198 Non recurring H1 2020 H1 2021 145 €mn negative impact from currency devaluation H120: 170 €mn provision rev. in Spain H121: 200 €mn CO2 regularization, hydro canon in Spain and Texas storm1 - Italy Iberia North America 1. 188 €mn CO2 regularization in Spain, 47 €mn hydro canon in Spain, -30 €mn Texas storm Latin America RoW 134#135Infrastructure and Networks Performance up by 2% yoy net of Latam FX and non-recurring items in Europe EBITDA evolution (€mn) enel EBITDA by geography -9% Latam: 5% increase in volumes and tariff indexation 20% 3,849 3,488 Latam 781 718 Europe 3,068 2,770 LTM Opex/End users (€/cust) 110 €mn negative impact associated with FX devaluation Operating result in Italy driven by efficiencies and regulation 26% H1 2021 3.5 €bn 52% Non recurring Italy Latin America H1 2020 H1 2021 H1 2020: 340 €mn provision reversal in Spain and Resolution n.50 in Italy¹ Iberia RoW 38.9 37.7 1. 180 €mn provision reversal in Spain and 160 €mn Resolution n.50 in Italy. 135#136Retail Up by single digit yoy, back to pre COVID levels EBITDA evolution (€mn) enel Free market - Energy sold (TWh)1 +10% +3% Improved performance led by free market in Italy 30.3 33.3 8.7 8.4 +4% 1,591 1,645 Italy 21.9 24.5 +11% -30% 222 Regulated 318 markets Uplift in volumes in the free market across all countries H1 2020 H1 2021 ■ B2C +2% Free markets 1,423 1,273 12% B2B 36.5 37.2 Opex/customers flat yoy 9.4 9.4 -% Iberia H1 2020 H1 2021 27.1 27.8 +3% LTM Opex/cust. (€/cust) 21.0 21.0 H1 2020 H1 2021 136 1. It includes energy losses.#137Net Income up by 10% net of FX and non-recurring items enel 2.4 (0.43) Net Ordinary Income evolution (€bn) -4% 0.1 0.2 (0.09) 0.1 2.3 H1 2020 EBITDA D&A Financial charges Taxes Minorities H1 2021 1. It includes income on equity 200 €mn negative impact on financial expenses from liability managment Around 120 €mn negative contribution from non-recurring on taxes Average cost of debt at 3.6% -20 bps vs. H1 2020 137#138Cash flow (€bn)1 8.4 (0.7) (2.7) (1.2) (1.1) 2.7 enel (2.2) (4.9) Ordinary EBITDA A Provisions³ AWorking capital & other Income Financial FFO Capex FCF taxes expenses 4 PY 8.42 (1.0) (3.5) (0.9) (1.0) 2.1 (4.1) (2.1) Delta YoY +32% +22% -30% -9% +31% +18% -5% 1. Rounded figures 234 2. Calculation includes 0.4 €bn provision reversal in Spain reported separately in Q1 2020 3. Accruals, releases, utilizations of provisions in EBITDA (i.e. personnel related and risks and charges), accruals of bad debt Includes dividends received from equity investments 138#139Debt evolution Net debt evolution (€bn) enel Gross debt (bn) +5% 0.3 0.9 1.4 45.4 2.4 59.0 62.1 2.2 50.4 Hybrids 2.2 4.8 Cash 6.0 6.9 Fin. receivables 7.6 1. 50.4 Net debt 45.4 Dec 31, 2020 FCF Dividends APM paid New Leasing FX1 June 30, 2021 Dec 31, 2020 June 30, 2021 Cost of It includes foreign exchange derivatives realized in the period 3.7% gross debt 3.6% -10bps 139#140Increasing the share of sustainable finance while further reducing cost of debt Liability management program Share of sustainable finance after liability management enel New issues Liability management 54% 2021E 46% EUR 3.25 €bn Tender offer 1.1 €bn USD1 Make whole call 4 $bn 6 $bn 13 CLIMATE ACTION Sustainability linked bond 1. July 2021 Sustainable sources Traditional sources Savings on financial expenses around 100 €mn per year from 2022. Crystallising the current low rate curve Share of sustainable finance sources up by 13 p.p. vs 2020. On track to reach the 48% target in 2023 ~500 €mn negative non-recurring impact on financial expenses expected by YE 140#141Closing remarks enel Solid operating recovery and delivery support the achievement of FY targets Focus on ongoing simplification in Latam to unlock value Full speed on renewables development backed by growing pipeline DPS + EPS growth underpins a 2021TSR >10% 141#1422021-2023 Annexes#143Agenda Financial annexes ESG annexes enel Macro scenario Global Power Generation Infrastructure & Networks Retail Enel Group Targets sensitivity 2021-2023 Sustainability Plan Focus on Corporate Governance Contact us enel#1442021-2023 Financial annexes#1452021-2023 Macro scenario#146GDP, CPI, FX 1. Year end enel GDP (%) CPI (%) 2021 2022 2023 2021 2022 2023 2021 FX against €¹ 2022 2023 Italy 5.1 2.8 1.4 1.0 1.0 1.2 n. m. n. m. n. m. Iberia 7.7 3.9 1.9 1.1 1.3 1.4 n. m. n. m. n. m. Latin America Argentina 4.0 2.3 2.0 34.6 24.8 18.1 109.5 120.4 131.1 Brazil 4.8 2.5 2.4 2.2 3.2 3.5 4.8 4.6 4.6 Chile 5.2 4.3 3.9 2.3 2.5 2.8 806 776 783 Colombia 4.0 4.3 3.8 3.0 3.1 3.0 3,711 3,618 3,646 Peru 6.9 4.4 4.0 2.0 2.3 2.4 3.7 3.7 3.8 Rest of Europe Romania 3.1 2.5 2.2 2.9 2.7 2.7 4.9 4.9 4.9 Russia 4.9 3.8 1.9 4.1 3.6 3.9 77.0 76.8 78.3 North America USA 8.9 3.6 1.5 1.2 2.0 2.0 1.12 1.13 1.14 Mexico 3.2 2.1 2.0 3.4 3.3 3.2 24.7 24.7 25.1 146#147Commodities' prices 2021 2022 2023 Gas TTF (€/MWh) 14.0 15.5 17.0 Gas Henry Hub ($/m mbtu) 2.4 2.6 2.7 Gas PSV (€/MWh) 15.8 17.2 18.6 Oil Brent ($/bbl) 48.0 55.0 59.0 Coal AP12 ($/ton) 57.0 61.0 63.0 CO₂ (€/ton) 30.0 31.0 32.0 enel 147#1482021-2023 Global Power Generation#149Production Global Power Generation Capacity Consolidated capacity & production 1 18% By technology2 17% 13% 14% 14% 15% 2020 20234 4% 84 GW 10% 1% >90 GW 4% 20% 30% 33% 21% 15% 8% 9% 11% 15% 2020 3% 20234 11% 6% 207 TWh 245 TWh 13% 25% 26% 30% Hydro Wind Solar & Other Geothermal Nuke CCGT Coal Oil & Gas Production Capacity 8%1% By geography3 enel 11%1% 8% 26% 31% 9% 2020 84 GW 20234 >90 GW 26% 29% 24% 26% 8%1% 21% 13%1% 16% 10% 10% 2020 207 TWh 20234 245 TWh 26% 33% 27% 1. Rounded figures. 2. It excludes managed RES capacity for 3.6 GW in 2020 and 7.6 GW in 2023. 3. It excludes managed RES production for 9.8 TWh in 2020 and 20 TWh in 2023. Percentages are calculated excluding perimeter effects 4. 34% Italy Iberia Latin America ■Rest of Europe North America ■ Africa, Asia & Oceania 149#150Global Power Generation 1. Italy RES additional capacity1 (MW) Iberia Latin America Rest of Europe North America Africa, Asia & Oceania Total 1. Rounded figures Rounded figures enel 2021 Hydro 2022 Wind Geothermal Solar & Other Total 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023 19 - 129 360 6 15 17 532 445 171 548 805 4 6 34 396 450 705 1,024 1,250 743 1,426 1,700 - 3 3 1,020 601 600 28 1,370 1,262 470 2,418 1,866 1,073 201 511 721 7 20 50 208 531 771 490 550 300 465 730 550 955 1,280 850 - 23 9 3 1,874 2,058 2,431 35 15 2,564 3,568 2,765 4,495 5,651 5,199 Managed 1,324 807 1,990 Total 5,819 6,458 7,189 By technology By geography 8% 20% 45% 20% Wind 19.5 GW 19.5 GW Solar & Other 17% 55% 8% 27% ■Italy ■ Iberia ■Latin America Rest of Europe North America ■ Africa, Asia & Oceania 150#1511. Global Power Generation COD 2021-2023 pipeline1 (GW) enel By geography By technology COD COD 2021 2022 2023 Total 2021 2022 2023 Total Italy Iberia Latin America 0.0 0.4 1.7 2.1 Wind 0.0 0.7 5.5 6.2 0.0 0.0 2.6 2.6 0.0 0.0 5.0 5.0 Solar & Other 0.0 1.7 14.8 16.5 Rest of Europe 0.0 0.1 1.4 1.5 Hydro 0.0 0.0 0.0 0.0 North America 0.0 1.9 5.2 7.1 Geothermal 0.0 0.0 0.0 0.0 Africa, Asia & Oceania 0.0 0.0 4.5 4.5 Total 0.0 2.5 20.3 22.8 Total 0.0 2.5 20.3 22.8 By geography 9% 20% Italy By COD 11% 11% ■ Iberia ■Latin America 22.8 GW ■Rest of Europe 22% 31% North America 7% Africa, Asia & Oceania 89% Rounded figures By technology 27% 2022 Wind 22.8 GW 22.8 GW 2023 Solar & Other 73% 151#1522021-2023 Infrastructure & Networks#153Infrastructure & Networks Electricity distributed, End users, Smart meters¹ Electricity distributed (TWh) End users (mn) enel Smart meters (mn) 485 512 74 77 44 49 16 15 35 145 131 28 30 12 13 125 131 12 13 31 32 214 219 31 32 2020 2023 1. Rounded figures Italy 2020 2023 ■ Spain ■Latin America Rest of Europe 2020 2023 153#154Infrastructure & Networks Networks regulation: high visibility across the full business plan enel South America Europe Italy 2020 2021 2022 2023 2024 WACC 2020 2021 2022 2023 2024 WACC 5.9% Brazil³ 12.3% Iberia¹ Romania² 5.6% Colombia 11.64% Chile 7.5% 6.4% 2021-23 BP Argentina Peru1 12.46% 12% 2021-23 BP Stable and mature regulations in all countries 1. WACC nominal pre-tax 23 2. +1% new capex 3. Blend of Rio, Cearà, Goias and Eletropaulo Highly visible frameworks in almost all countries Discussions ongoing in Peru and Argentina 154#155Infrastructure & Networks Current regulatory framework in Europe¹ 1234 4. As of November 2020 Nominal pre tax WACC review by 2022 +1% new capex enel Iberia Romania Italy WACC real pre tax 2020 5.9% 5.6% 2 6.4% 4 Next Regulatory Period 20243 2026 2024 Regulatory Period 4+4 5 Length (years) Metering Owned by Ownership DSO Owned by DSO Owned by DSO Smart meter inclusion in RAB Yes No Yes 155#156Infrastructure & Networks 123456 Current regulatory framework in Latin America1 enel Argentina Brazil Chile Colombia Peru WACC real pre tax 2020 12.46% 12.3% 7.5%2 11.64% 12.0% 2,6 Next Regulatory Period 2022 2023 Nov 2020 2024 2022 Regulatory Period 5 (Rio, Goias) 5 5 4 Length (years) 4 (Ceará, São Paulo) Metering Ownership Owned by DSO Owned by DSO Owned by users/DSO Owned by users/DSO Owned by users4 Smart meter inclusion in RAB3 As of November 2020 Yes Yes To be No 5 defined Return rate before taxes, for Chile it is an estimation given that the real WACC post-tax will be 6.0%. Chile and Peru uses a Price Cap based on VNR (NRC - New Replacement value) Excluding a pilot project approved by the local regulator, involving 10k smart meters, Smart Meters will be DSO property when the deployment is approved. Smart meters are not included in the RAB, but they will have a regulated remuneration. Nominal term To be defined 156#1572021-2023 Retail#158Customers Power & gas customers and volumes 1 enel Power Gas Customers (mn) Volumes (TWh) Customers (mn) Volumes (bsmc) 2020 2023 2020 2023 2020 2023 2020 2023 Italy 22.6 18.7 90.2 94.9 4.1 4.5 4.4 4.2 Free Market 9.5 18.7 59.9 94.9 4.1 4.5 4.4 4.2 Regulated 13.1 30.3 Iberia² 10.4 10.6 80.8 98.6 1.7 1.8 5.0 5.3 Free Market 5.7 6.1 69.4 85.8 1.4 1.6 5.0 5.2 Regulated 4.8 4.5 11.3 12.8 0.2 0.2 0.1 0.1 Latin America 27.6 29.3 118.4 158.2 0.0 0.0 0.2 0.5 Rest of Europe 3.0 3.3 8.8 11.5 0.06 0.1 0.11 0.2 Total 63.7 61.8 298.2 363.2 5.8 6.5 9.7 10.3 1. Rounded figures 2. Iberia includes Spain and Portugal 158#159Customers Italian and Spanish power market Italy Customers (mn) Spain enel Enel Customers (mn) Regulated Free Total Market Share%2 Regulated Free Total Enel Market Share%3 Business Residential 2.2 5.0 7.2 37% 13.0 16.7 29.7 46% Business Residential 0.9 0.9 23% 10.9 17.7 28.7 29% Total 15.2 21.7 36.9 Total 10.9 18.6 29.6 Enel Market Share %¹ 1 86% 44% Enel Market Share % 44% 29% Energy sold (TWh) Enel Energy sold (TWh)4 Enel Regulated Free Total Market Share%2 Regulated Free Total Market Share %³ 3 Business 11.6 191.5 203.1 24% Business 1.4 153.5 154.8 31% Residential 28.9 39.5 68.4 44% Total 40.5 231.0 271.5 Residential Total 26.8 53.6 80.4 33% 28.1 207.1 235.2 Enel Market Share %1 83% 27% Enel Market Share % 47% 32% 1. Enel estimate based on FY2020; % calculated on total regulated market and total free market (excluding "Salvaguardia); Market Share calculated on total free market; 1234 2. 3. 4. Customers: CNMC "Informe de supervision de los cambios de comercializador 2020 published 03/12/20; Market Share calculated on total free market; Energy sold: Internal estimation based on "sectorial energy daily forecast system". 159#1602021-2023 Enel Group#161Gross Capex 1 (€bn) Cumulated gross capex by GBL² enel Cumulated gross capex by geography³ 10% 3% 42% ■Networks Italy 8% 4% 36% Iberia Retail 7% Latin America ■Conventional generation ~39.0 €bn ~39.0 €bn Rest of Europe Enel X EGP 26% North America 44% 20% Africa, Asia & Oceania Global Power Generation Conventional Generation Global Infrastructures Services EGP Retail Enel X Total & Trading & NetworNs & Other 2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023 Italy Iberia 0.3 0.6 0.3 0.4 1.0 1.3 2.4 2.8 3.0 0.4 0.3 0.4 0.1 0.2 0.2 0.1 0.1 0.1 3.7 5.0 5.2 0.3 0.2 0.2 0.6 1.7 1.5 0.8 0.9 0.9 0.1 0.1 0.2 0.0 0.1 0.1 0.0 0.0 0.0 2.0 3.0 2.9 Latin America 0.1 0.2 0.2 2.0 1.2 1.1 1.6 1.8 1.6 0.1 0.0 0.0 0.1 0.1 0.1 0.0 0.0 0.0 3.9 3.2 3.0 Rest of Europe 0.0 0.1 0.1 0.2 1.1 1.0 0.2 0.2 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.5 1.4 1.3 North America 0.0 0.0 0.0 1.6 1.3 0.6 0.0 0.0 0.0 1.6 1.4 0.6 Africa, Asia & Oceania 0.0 0.0 0.0 0.0 0.0 0.0 - - . - Total 0.8 Total Capex 2021-2023 1.1 0.8 4.9 2.7 19 6.3 5.5 16.8 5.0 5.5 5.7 0.6 0.5 0.6 0.4 0.3 0.3 0.2 0.2 0.3 11.9 14.0 13.1 16.2 1.7 0.9 0.7 39.0 161 1. Rounded figures. Cumulated figures do not include 1 €bn of equity injections 2. Services & Other is not included in the breakdown 3. Other is not included in the breakdown#162Asset development capex¹ capex¹ (€bn) enel Cumulated development capex by GBL² 33% Cumulated development by geography³ 13% ■Networks Italy 5% Retail 10% 35% Iberia Latin America Conventional generation ~26.4 €bn ~26.4 €bn Rest of Europe Enel X EGP 22% North America 20% 60% Africa, Asia & Oceania Global Power Generation Conventional Generation Global Infrastructures Services EGP Retail Enel X Total & Trading & NetworNs & Other 2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023 Italy Iberia 0.2 0.5 0.2 0.2 0.9 1.2 1.5 1.9 2.0 0.1 10 0.1 0.1 2.1 3.4 3.6 0.0 0.0 0.0 0.6 1.6 1.4 0.4 0.5 0.5 0.0 0.0 0.0 0.0 1.1 2.2 2.0 Latin America 0.0 0.0 0.0 1.9 1.1 1.0 0.5 0.6 0.5 0.0 0.0 0.0 0.0 0.0 2.5 1.7 1.6 Rest of Europe 0.0 0.1 0.1 0.2 1.1 1.0 0.1 0.1 0.1 0.0 0.0 0.0 0.3 1.3 1.2 North America 1.5 1.3 0.5 0.0 0.0 0.0 1.6 1.3 0.5 Africa, Asia & Oceania 0.0 0.0 0.0 0.0 0.0 0.0 Total 0.3 0.6 0.3 4.6 6.0 5.2 2.6 3.0 3.1 0.2 0.2 0.2 0.0 00 0.1 0.1 7.7 9.9 8.9 Total Capex 2021-2023 1.2 15.7 8.7 0.6 0.2 26.4 1. Rounded figures. Cumulated figures do not include 1 €bn of equity injections 2. Services & Other is not included in the breakdown 3. Other is not included in the breakdown 162#163Group Ordinary EBITDA1 (€bn) 17.9 123 By GBL² (€bn) 20.7 - 21.3 17.9 44% 43% 18% 18% 6% 12% 3% 1% 30% 26% 2020 2023 By geography³ enel 20.7 -21.3 1% 6% -3% 4% 3% 33% 23% 24% 19% 45% 38% 2020 2023 Networks Enel X Italy Latin America North America Retail ■ EGP Iberia Rest of Europe ■ Africa, Asia & Oceania Conventional generation Rounded figures Services & Other is not included in the breakdown Other is not included in the breakdown 163#164Global Power Generation Global Power Generation Ordinary EBITDA¹ (€bn) Ordinary EBITDA 6.9 7.7 1.2 2.2 6.5 4.7 enel 1% 16% EGP By geography2 1% 18% 20% 29% 2020 4.7 €bn 5% 2023 6.5 €bn 12% 9% 42% 44% Conventional Generation and Trading - By geography2 5% 18% 22% 15% 25% 2020 2.2 €bn 81% 2023 1.2 €bn 2020 2023 57% ■Conventional generation ■ EGP 1. Rounded figures 2. Other is not included in the breakdown Italy Iberia ■Latin America Rest of Europe 36% North America 164 Africa, Asia & Oceania#165Infrastructure & Networks Infrastructure & Networks Ordinary EBITDA¹ (€bn) Ordinary EBITDA 9.5 7.7 2020 2023 1. Rounded figures 2. Other is not included in the breakdown 21% 2% EBITDA by geography2 2% enel 36% 2020 50% 7.7 €bn 2023 9.5 €bn 42% 27% 20% Italy Iberia Latin America Rest of Europe 165#166Customers Customers Ordinary EBITDA¹ (€bn) Ordinary EBITDA 4.5 0.5 3.4 0.2 4.0 3.2 2020 6%3% Retail By geography2 17% 2020 3.2 €bn enel 3% 11% 23% 2023 4.0 €bn 63% 74% Enel X - By geography2 5% 22% 7%6% 8% 32% 2023 2020 47% 0.2 €bn 2023 0.5 €bn 25% 33% 14% ■Retail ■ Enel X Italy Iberia 1. Rounded figures 2. Other is not included in the breakdown ■Latin America Rest of Europe North America 166 Africa, Asia & Oceania#167EBITDA by GBL (€bn)1 Italy Iberia enel Rest of Europe 8.2 ~8.2 4.4 ~4.2 0.5 ~0.7 23% 48% 49% 48% 47% 14% 27% 14% 12% 14% 5% 29% 30% 23% 23% 6% 4% 29% 11% 2% 44% 1% 2% 17% 16% 1% 32% 10% 18% 2020 2023 2020 2023 2020 2023 Networks Conventional generation EGP Retail Enel X 1. Rounded figures 2. Other is not included in the breakdown 167#168EBITDA by GBL (€bn)1 Latam North America enel Africa, Asia & Oceania 4.1 ~7.1 0.8 ~1.2 0.1 ~0.1 2% 47% 32% 2% 41% 6% 5% 98% 5% 2% 2% 8% 100% 68% 98% 39% 45% 2020 2023 2020 2023 2020 2023 Networks Retail Conventional generation EGP ■ Enel X 1. Rounded figures 2. Other is not included in the breakdown 168#169Baseload power price & production sold forward Italy (€/MWh) Iberia (€/MWh) 2021 52.3 47.2 Baseload price 2022 2023 53.9 55.3 48.4 49.2 Production sold forward enel 2021 2022 2023 price % price % price % Italy (€/MWh)¹ 51.9 92% 60.7 99% 65.0 20% Iberia (€/MWh)¹ 70.7 100% 73.8 74% ~74 ~20% Brazil (USD/MWh) 57.8 100% 56.7 100% 56.8 100% Chile (USD/MWh) 70.5 100% 65.7 100% 66.2 100% Colombia (USD/MWh) 67.0 100% 64.5 100% 64.5 97% Peru (USD/MWh) 56.4 100% 59.1 100% 61.6 100% 1. Average hedged price; wholesale price for Italy, retail price for Spain. 169#1702021-2023 Targets sensitivity#171VOLUME Risks and opportunities: commodities and volumes COMMODITY +10% across commodities -10% +1% electricity demand -1% Cum. 2021-23 EBITDA impact (%) -0.5 -0.8 0.9 Mitigation factors enel Increasing renewable production Forward hedging strategy Long customer position and forward sales 0.6 Total 2021-23 impact (1.3%) 1.5% Very diversified customer base 171#172Risks and opportunities: currencies 2021-23 EBITDA & Net Income impact (+/-10% USD/LOC FX¹) (€bn) enel 2021-23 Cumulated EBITDA by currency 11% 60 €bn 64% 25% - EUR ■ USD ■Latin America 1. EUR/USD @Plan. Rounded figures -10% +10% -1.5 1.9 Ebitda Net Income BRL 0.9 0.3 2021-23 Cum. EBITDA impact ARS 0.1 0.0 CLP 0.2 3.2% (2.5%) 0.5 Other 0.7 0.1 -0.4 BRL (0.7) (0.2) 2021-23 Cum. Net. Income impact ARS (0.1) (0.0) 2.8% (2.2%) CLP (0.1) Other (0.6) (0.1) Ebitda Net Income % on 2021-23 cumulated 172#1732021-2023 Environmental, Social and Governance annexes#1742021-2023 Sustainability Plan#175Sustainable business model, driving change through growth accelerators 2021 - 2023 Sustainability Plan TRANSITION ENERGY 13 CLIMATE ACTION CENTRICITY PEOPLE ESG BACKBONES 1. Growth accelerators include innovation, digital supports, circular economy and sustainable finance enel SUSTAINABLE LONG-TERM VALUE CREATION AFFORDABLE AND CLEAN ENERGY INDUSTRY INNOVATION AND INFRASTRUCTURE 11 SUSTAINABLE CITIES AND COMMUNITIES DECARBONIZATION, ELECTRIFICATION, DIGITAL & PLATFORMS People we work with Local and global communities Sustainable Supply Chain Occupational Health and Safety Environmental Sustainability Sound Governance 1 Growth accelerators#176People we work with 1. 2. GENDER EQUALITY DECENT WORK AND ECONOMIC GROWTH M Plan actions 2020E1 enel 2021-23 targets Gender % of women in selection - processes1 44% women involved in recruiting processes 50% women involved in recruiting processes Climate survey2 • 100% of people involved 100% of people involved 86% of people participating • 87% of people participating DECENT WORK AND ECONOMIC GROWTH • 100% of people involved • 100% of people involved M Performance appraisal² • • 99% of people appraised 99% of people appraised QUALITY EDUCATION DECENT WORK AND 8 ECONOMIC GROWTH M Reskilling and upskilling - Promote and plan reskilling and upskilling programs for Enel people in order to support the energy transition Selection processes involving blue collar workers and the USA perimeter are not included as local legislation to protect anti-discrimination practices in the recruiting phase does not allow to monitor this data Eligible and reachable people having worked in the Group for at least 3 months during 2020 176#177Local and global communities Plan actions 2020E1 enel 2030 targets² QUALITY EDUCATION High-quality, inclusive and fair education ~ 2.1 mn beneficiaries 5.0 mn beneficiaries in 20302 AFFORDABLE AND CLEAN ENERGY Access to affordable and clean energy ~ 9.6 mn beneficiaries 20.0 mn beneficiaries in 20302 8 DECENT WORK AND ECONOMIC GROWTH M Employment and sustainable and inclusive economic growth ~ 2.9 mn beneficiaries 8.0 mn beneficiaries in 2030 1. Cumulated figures since 2015 2. Target increased 177#178Environmental sustainability Plan actions 2020E enel 2030 targets RESPONSIBLE CONSUMPTION AND PRODUCTION Reduction of specific No. emissions¹ -54% vs 2017 (0,36 g/kWheq) -70% in 2030 (vs 2017) 12 RESPONSIBLE CONSUMPTION AND PRODUCTION Q Reduction of specific SO2 emissions1 -87% vs 2017 (0,11 g/kWheq) RESPONSIBLE CONSUMPTION AND PRODUCTION QO -90% in 2030 (vs 2017) Reduction of specific dust emissions¹ -95% vs 2017 (0,006 g/kWheq) -97% in 2030 (vs 2017) Reduction of specific water requirements¹ 1. Redefined in line with the new 2030 Scope 1 emission reduction target certified by the Science Based Targets initiative (SBTI) n.a. -65% in 2030 (vs 2017) 178#179Innovation 2020E New geographies opened for scouting in addition to active Innovation hubs 2 20 10 New lab 1 to a total of labs 22 22 Crowdsourcing challenges launched >50 Global call for startups 1 Proof of Concept launched -100 Solutions under scale-up in the business >30 9 INDUSTRY. INNOVATION AND INFRASTRUCTURE PRINCESAPS FOR THE GOALS Plan actions enel 2021-23 targets Enhance the reach of our innovation ecosystem to find the best solutions worldwide Create value by solving more business line needs through the exploitation of open innovation tools (collaboration with startups, crowdsourcing, partners, academia, intelligence, technology communities, solution design activities) Launch of 350 Proof of Concept to test innovative solutions Scale-up of 100 solutions to boost the Strategic Plan accomplishment 179#180Cyber security AFFORDABLE AND CLEAN ENERGY 2020E Risky emails blocked (#) 1.8M every day Cyberexercises involving industrial 14 plants/sites (#) Internet domain detected for suspect illicit use of the brand (#) 675 Fake corporate profiles detected in 226 social networks (#) 1. As of September 2020 INDUSTRY, INNOVATION SAUREGIS PRINCESAPS AND INFRASTRUCTURE AND CEMENTIE FOR THE GOALS Plan actions enel 2021-23 targets Execution of cyberexercises involving industrial plants/sites 36 cyberexercises executed on industrial plants/sites Disseminating the information security culture and changing people's behavior in order to reduce risks 15 cyber security knowledge sharing events per year 180#181Focus on Corporate Governance#182Corporate governance structure 89% BoD's composition 11% Shareholders' meeting Audit firm ■Independent ■ Executive Board of Directors (9 members¹) Board of Statutory Auditors (3 members) Nomination and Compensation Committee Control and Risk Committee Related Parties Committee 1. Out of which 3 Directors drawn from the slate filed by a group of mutual funds and other institutional investors enel Corporate Governance and Sustainability Committee 182#183Board nomination and election BoD's Members Slate voting system Gender balance Candidates' qualifications enel Enel's Board of Directors consists of three to nine members who are appointed by the ordinary shareholders' meeting for a term of up to three financial years The appointment of the entire Board of Directors takes place according to a slate voting system, aimed at allowing the presence of members nominated by minorities totaling 3/10 of the Directors elected. If the slate that obtained the majority of the votes cast have not a suitable number of candidates in order to achieve 7/10 of the Directors to be elected, the other candidates necessary to complete the Board shall be drawn from the minority slates The slates may be presented by the outgoing Board or by shareholders who, individually or together with other shareholders, own at least 0.5% of the share capital The slates must be filed at least 25 days before the AGM and published by the Company at least 21 days before the date of the meeting In order to assure to the less represented gender at least 40% of the seats, the slates containing a number of candidates equal to or over three shall include candidates belonging to different genders A report containing exhaustive information on the background of the candidates, accompanied by a statement as to whether or not they qualify as independent, must be filed with the slates 183#184Board composition enel | Michele Crisostomo Francesco Starace Cesare Calari Costanza Esclapon de Villeneuve Board of Directors Chair (C) Corp. Governance & Sust. C. CEO and General Manager (C) Control & Risk C. Nomination & Compensation C. Corp. Governance & Sust. C. Nomination & Compensation C. Control & Risk C. Related Parties C. Board of Directors's diversity 33% 44% Age diversity 22% Gender diversity 45% 49-53 54-57 58-67 56% Male ■Female 22% 6 3 Samuel Leupold 11% Alberto Marchi (C) Nomination & Compensation C. Control & Risk C. Tenure diversity Skill diversity + 3 67% 5 Corp. Governance & Sust. C. Mariana Mazzucato Mirella Pellegrini Anna Chiara Svelto Related Parties C. Control & Risk C. Related Parties C. (C) Related Parties C. Nomination & Compensation C. ■ Executive ■ Independent (C) Chair 1-3 years 4-6 years Over 6 years ■ Energy sector Strategic view ■ Accounting, Finance & Risk Management Legal & Corporate Governance Communication & Marketing 184 Experience in International Context#1851. CEO remuneration Overall structure Enel position vs the Peer Group¹ Market Cap: between the third quartile and the ninth decile² Revenues: between the third quartile and the ninth decile² Employees: between the median and third quartile² Compensation at target level 1,520,000 € 100% of fixed remuneration enel Compensation at maximum level Fixed compensation 1,520,000 € Fixed compensation Annual bonus Annual bonus Long-term incentive 130% of fixed remuneration Long-term incentive 150% of fixed remuneration 280% of fixed remuneration Total 5,016,000 € Total 8,056,000 € Paymix 30% 30% 40% ■Fixed ■Annual bonus ■LTI Paymix 19% 28% 53% ■Fixed Annual bonus LTI Total Direct Compensation is between the median and the third quartile of the Peer Group for both target and maximum levels Eni, FCA, Leonardo, Prysmian, Terna, TIM, EdP, Engie, E.On, Iberdrola, National Grid, Naturgy, Orsted, RWE, Airbus, Royal Dutch Shell, SAP, Schneider Electric, Siemens, Total 2. Data as of December 31, 2019 185#186CEO's short-term variable remuneration1 1234 enel Macro objective Objective Type of target Weight² Entry (50%) Target (100%) Over (150%) Ordinary consolidated Profitability 35% 5.41 €bn 5.46 €bn 5.57 €bn Economic net income Efficiency Group Opex 20% 7.97 €bn 7.89 €bn 7.81 €bn Economic Cash and debt FFO/Consolidated net 15% 24.22% 24.46% 24.95% Financial management financial debt Safety in the FI³ < 0.64 Safety 15% FI³ < 0.60 & workplace & FA42020 target FA4 < 2020 target FA4 < 2020 target FI³ < 0.46 & ESG Customer SAIDI 15% 255 min 252 miin 247 min ESG Satisfaction Management by objectives (MBO) 2021 (%) Weight in the variable remuneration FI: Work-related accident Frequency Index FA: Number of Fatal Accidents during 2021, except for road events. 2020 target was equal to 7 FA. 186#187Long-term variable remuneration1 100% of the base amount is assigned in Enel shares² Enel's TSR = 110% of Index's TSR Over II (280%) 4 Enel's TSR ≥ 115% of Index's TSR enel Type of target Market Macro objective Weight³ Performance TSR5 50% Objective Target (130%)4 Enel's TSR = 100% of Index's TSR Over (150%) Profitability ROACE6 25% = 34.4% = 34.9% ≥ 35.4% Economic Environmental Renewable capacity on total 10% = 64.3% = 64.4% ≥ 64.6% ESG GHG Scope 1 Environmental 10% emissions reduction³ = 148 gCO2eq/KWheq = 144 ≤ 140 ESG gCO2eq/KWheq gCO2eq/KWheq Gender Gap % of women in mgmt succession plans⁹ 5% = 45% = 47% ≥ 50% ESG 1. 2. Long-Term Incentive (LTI) Plan 2021. Performance period: January 1, 2021 - December 31, 2023 30% payment (if any) in the 4th year. 70% payment (if any) in the 5th year (deferred payment) For the CEO/General Manager. 50% for the other beneficiaries of the LTI Plan 2021 5. Average TSR Enel compared to average TSR EUROSTOXX Utilities Index-EMU, calculated in the 3-year period 2021-2023 6. Cumulative for the 3-year period 2021-2023 The number of Enel shares to be assigned is determined on the basis of the arithmetical mean of Enel's daily VWAP in the three-months period preceding the beginning of the performance period 7. Renewable sources net consolidated installed capacity/Total net consolidated installed capacity at the end of 2023 187 3. (%) Weight in the variable remuneration for the CEO/General Manager 8. 4. 100% at target and 180% at Over II for the other beneficiaries of the LTI Plan 2021 9. GHG Scope 1 emissions per kWh equivalent produced by the Group in 2023 At the end of 2023#188CEO remuneration Termination agreements Pro rata temporis rule 1. 2. Severance payment Non competition agreement enel In case of misalignment between the performance period of the 2021 LTI plan and the term of office of CEO/GM, due to the expiry of its mandate without renewal, a "pro rata temporis" rule for compensation was confirmed¹ It was confirmed a severance payment equal 2 years of fixed compensation payable only in the event of: revocation or non-renewal of the CEO/GM without just cause; resignation of the CEO/GM due to a just cause No severance payment is provided for in cases of variation in Enel's ownership structure (so called "change of control" provision) It was confirmed the grant by the CEO/GM to the Company, for a consideration equal to Euro 500,000 (payable in three yearly installments), of the right to activate a non- competition agreement, upon termination of directorship and executive relationship Should the Board of Directors exercise such option right, the agreement refrains the CEO from carrying out activities in competition with the Enel Group, for a period of one year and within specific Countries², for a consideration equal to a maximum amount of 3,300,000 € Specifically, in the event of expiration of directorship relationship without simultaneous renewal of the same - and, therefore, in the event of automatic termination also of the executive relationship - before the LTI 2021 performance period conclusion, it is provided that the CEO/GM shall maintain the right to the assignment of the accrued incentive, based upon the level of achievement of 188 the performance objectives provided under the Plan, and that the final assessment of the incentive will be made pro rata temporis until the date of termination of the directorship and executive relationship Namely in the following Countries: Italy, France, Spain, Germany, Chile and Brazil#189Enel Group's listed companies (as of April 30, 2021) 64.9% 70.1% endesa ene Chile enel 82.3% enel Américas¹ enel 56.4% enel Russia 93.5% 99.1% 99.1% 99.9% 100% 100% Enel Gx Chile Enel Dx Chile Enel Tx Chile Enel Argentina Enel Brasil Enel Perú 92.6% Pehuenche 75.7% Enel Gx Costanera 96.5% Enel Gx Piura 83.2% 83.6% Enel Dx Perú Enel Gx Perú Not listed companies 74.1% 99.7% 1. Enel Americas operates also in Colombia through not listed companies Enel Dx Ceará Enel Dx Rio 189#190Disclaimer enel This presentation contains certain forward-looking statements that reflect the Company's management's current views with respect to future events and financial and operational performance of the Company and its subsidiaries. These forward-looking statements are based on Enel S.p.A.'s current expectations and projections about future events. Because these forward-looking statements are subject to risks and uncertainties, actual future results or performance may differ materially from those expressed in or implied by these statements due to any number of different factors, many of which are beyond the ability of Enel S.p.A. to control or estimate precisely, including changes in the regulatory environment, future market developments, fluctuations in the price and availability of fuel and other risks. You are cautioned not to place undue reliance on the forward-looking statements contained herein, which are made only as of the date of this presentation. Enel S.p.A. does not undertake any obligation to publicly release any updates or revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation. The information contained in this presentation does not purport to be comprehensive and has not been independently verified by any independent third party. This presentation does not constitute a recommendation regarding the securities of the Company. This presentation does not contain an offer to sell or a solicitation of any offer to buy any securities issued by Enel S.p.A. or any of its subsidiaries. Pursuant to art. 154-bis, paragraph 2, of the Italian Unified Financial Act of February 24, 1998, the executive in charge of preparing the corporate accounting documents at Enel, Alberto De Paoli, declares that the accounting information contained herein correspond to document results, books and accounting records. 190#191Investor Relations team Contact us enel Monica Girardi Head of Group Investor Relations Investor Relations team Federico Baroncelli Serena Carioti Federica Dori Matteo Marengon Federica Pozzi Fabrizio Ragnacci Noemi Tomassi Emanuele Toppi Contacts Email [email protected] Phone +39 06 8305 7975 Investor Relations App Investor Relations DOWNLOAD APP Channels enel ios Android e e You f in Tube e Website Enel.com 191