#1Enel Russia H1 2020 results July 28, 2020 enel#2Market context was challenging over Q2 2020 Electricity demand Q2 2020 vs Q2 2019 Center -2% H1 2020 vs H1 2019 -2% enel Avg. spot power prices¹ Q2 2020 vs Q2 2019 Center H1 2020 vs H1 2019 -18% -13% South -6% South -20% -3% -12% Ural -8% -5% Ural -9% -7% 1st Price Zone -6% 1st Price Zone -15% -4% -11% 1. Day-ahead market (DAM) prices 2#3Key highlights of the period enel Resilient performance Renewable projects progress Coal power plant disposal Shareholder remuneration Limited influence of COVID-19 on H1 financial results Active construction phase amid challenging external context Handover completed Fixed dividend approved for 2019 FY results 3#4Company's response to COVID-19 challenge by enel Our business Maximum attention to health & safety conditions Smart-measuring of temperature on sites and increased disinfection frequency Molecular testing of personnel in all sites as a matter of biweekly screening COVID insurance coverage Segregation of operation and maintenance personnel and contractors Application of a virtual remote assistant for technical inspection and repair activities Works on Azov and Kola sites never interrupted during COVID-19 period What next? Extending of remote work mode Further improvement of digital channels of communication and data exchange with a focus on cybersecurity Development of office seating and protection plan together with preventive measures for access to worksites Digital app supporting social distancing and tracing contacts of personnel 4#5Azov Wind Farm: construction going ahead enel Site works on foundations, roads and T-line - completed Delivery of main wind turbine components - ongoing Installation works - started https://youtu.be/NZqklTHmJdU 5#6Reftinskaya GRES: handover completed ahead of schedule RGRES on Financial result of Enel Russia 2 bn RUB 20 June 2019 ! 08 August 2019 Signing Conditions precedent satisfaction: ER's EGSM approval FAS approval 14.7 bn RUB RGRES off ER's balance sheet 01 October 2019 Inventory Title transfer Completion T enel RGRES on Financial result of the Purchaser 4 bn RUB + Purchase of several categories of stocks (c.2bn RUB) 01 July 2020 Up to 3 bn RUB End of Transition Period • ER operated RGRES under the lease, title; personnel maintained by ER The Purchaser applied for permits & licenses 9 months 5 years Earn-out (contingent component) to Annual payments up 600mn RUB each if actual net output and/or DAM price exceed the reference values 9#7H1 2020 Financial results enel#8Financial highlights (RUB mn) Revenue EBITDA Net ordinary Income Net Debt enel Net Debt / EBITDA² 20,873 5,557 2,798 11,866 1.0x -40.9% -36.9% -34.6% +184.5% H1 2019 35,293 8,804 4,279 4,1711 1.1x 1. As of December 2019 2. Last 12 months 8#9Effects of exit from coal generation and drop in electricity demand Net power production by technology (TWh) 17.6 -53% Power sales (TWh) -52% enel 20.3 4.2 8.4 8.3 9.7 2.8 2.5 1.9 16.1 6.4 5.8 7.8 H1 2019 H1 2020 ■ Oil&Gas CCGT Coal H1 2019 Free market H1 2020 Regulated market Equipment 82% 84% availability Utilization on net electric capacity 45% 36%#10Change in technology mix together with drop in electricity prices jointly affect margins Average unitary selling price (RUB/MWh)1 +5% -6% without RGRES in H1 2019 enel Average unitary margin (RUB/MWh) 1,163 1,226 H1 2019 H1 2020 Average unitary cost of sales (RUB/MWh)² 959 H1 2019 +20% 204 -61% -53% without RGRES in H1 2019 +2% without RGRES in H1 2019 79 H1 2019 H1 2020 1,147 H1 2020 1. Including regulated power sales, day ahead market and balancing market sales 2. Including fuel cost and energy purchases 10 10#11Change in assets perimeter results in lower revenues enel being compensated by cost economies ... Operating revenues (RUB bn) 35.3 2.0 -41% Variable costs (RUB bn) 20.9 -41% 2.8 12.3 ■ Purchased power ■ Fuel 1.5 18.1 10.8 9.7 ■ Heat and other H1 2019 20.9 1.8 ■ Capacity H1 2020 Fixed costs (RUB bn) 7.2 -35% ■ Electricity 23.5 ■ Overhead 5.4 11.9 0.6 3.5 ■ Personnel 1.9 0.4 ■ O&M not H1 2019 H1 2020 1.3 1.4 manageable 1.0 1.4 ■ O&M manageable 11 0.7 H1 2019 H1 2020#12...which leads to expected results on EBITDA dynamics 8,804 EBITDA evolution (RUB bn) (5,766) -37% 628 1,890 5,557 H1 2019 Gross margin Fixed costs Other items H1 2020 enel 12#13Net income performing better than EBITDA on lower enel net financial charges H1 2020 H1 2019 ΔΥΟΥ EBITDA (all - RUB mn) 5,557 8,804 -37% DD&A and impairment (1,698) (10,691) -6 times -including Impairment of PPE¹ related to Reftinskaya reclassification (8,417) Reported EBIT 3,858 (1,887) Ordinary EBIT 3,858 6,137 -37% Net financial charges (336) (755) -56% Income tax (charge) / benefit (725) 499 Reported net income/(loss) (RUB mn) 2,798 (2,142) Net ordinary income 2,798 4,279 -35% 13#14Investments and changes in working capital caused increase of Net debt Net debt evolution (RUB mn) +185% 991 4,171 (5,171) 5,190 (26) 6,711 11,866 1 31Dec19 Cash flow from AWorking capital operations Income tax Capex Net financial charges and Other 30Jun20 1. Includes increase/(decrease) in taxes payable, other than income tax. Over 1Q 2020 the Company paid 4.1bn RUB of VAT accrued in 2019 for Reftinskaya sale enel 14#15Debt profile and liquidity position Gross debt profile As of 30 Jun19 18% As of 30 Jun20 11% 23% 43% 28bn RUB 22bn RUB 22% 17% ■ Corporate loans (RUB) Project financing (RUB) 66% ■ Corporate loans (EUR) ■Commercial papers (RUB) H1 2019 H1 2020 AVG cost Weight 30/06/19 AVG cost Weight 30/06/20 RUB 8.4% 83% 8.5% 100% EUR 1.6% 17% n/a 0% Gross debt by maturity enel 89% 92% 11% 31 Dec19 8% 30 Jun20 Total credit facilities: utilized & available (RUB bn) 132.2 132.2 % utilised 17% 12% ■LT Portion ■ ST Portion 15#16Contact us enel Ekaterina Dubovitskaya Investor Relations Email [email protected] Phone +7 495 539 31 31 ext. 7746 Ilya Kalinin Investor Relations Email [email protected] Phone +7 495 539 31 31 ext. 7843 Channels e Website Enelrussia.ru Follow us fo enel e Mobile App Enel Investors 16