#1enel INVESTOR PRESENTATION March 2022#2Agenda CMD 2021 Enel @2030 2022-24 The context Our strategic actions Our value Capital allocation The value of integration Simplifying and refocusing Strategic Plan EBITDA evolution Financial management Targets FY 2021 consolidated results 2022-2024 annexes enel#3Enel @2030 enel#4The context enel#5Net zero: the unavoidable journey towards global decarbonization... enel 2010 2020 2030 Global emissions 32.3 34.2 21.1 (Gton CO2) OECD countries emissions -17% 12.7 Range 50% electrification rate 100% of EV sales 10.6 ++ 25-46 TW 2010 2020 Electricity & heat producers 5.0 -28% 3.6 (Gton CO2) 500 1000 MtH2 Sources: WEO, IEA (2021) Net-Zero by 2050; BNEF (2021), New Energy Outlook; IRENA (2021), 1.5 Scenario 2050 GLOBAL NET ZERO Consensus 4#6...will see electrification as the most important trigger... enel Electrification rate (%) NNW AA 50 25 45 40 35 30 Enerdata inteligence consulting Enerbase Enerdata intelligence consulting Enerblue Bloomberg NEW ENERGY FINANCE Red lea NZE lea STEPS 20 2019 level 15 20 30 40 50 ta mergreen IRENA International Senewable Energy Agency 60 PES Bloomberg NEW ENERGY FINANCE Base 70 IRENA International Renewable Energy Agency 1.5C lea SDS Bloomberg NEW ENERGY FINANCE Green NZ@2050/-1.5 C Temperature increase ≤2 C >2 C At least a 50% rate of electrification is needed in 2050 in order to reach 1.5°C 80 90 100 Renewable generation (%) At 2050 | Source: Graph - internal elaboration based on IEA (2021), World Energy Outlook 2021 | BNEF (2021), New Energy Outlook | IRENA (2020), Global Renewables Outlook | IRENA (2021), World Energy Transition Outlook 5#7..with underlying trends we presented last year to accelerate further... enel Electrified energy consumption (kWh) Global RES Capacity (TW) 23 23 2019 +10%A 33 36 39 39 +23% 2040 I I I I | 14.7 12.0 21 2.7 2040 IEA NZE 2019 2040 Old SDS New SDSi 2040 IEA NZE Old SDS New SDS! Source: IEA Sustainable Development Scenario (IEA- SDS) and IEA NZE 2040 IEA NEW SDS VS 19 ELECTRIFIED ENERGY CONSUMPTION +57% 2040 IEA NES SDS VS 19 GLOBAL RES CAPACITY >5X 6#8...and decarbonized electricity opening to main benefits for customers enel H>Affordable and clean energy Reliable and safe delivery High tech and high quality service ENERGY SPENDING1 -20% GREENHOUSE GASES1 -37% 1. Internal elaboration on IEA WEO 2021 | Comparison among NZE and STEPS scenarios 2030. Energy spending is the overall average household energy bill. Greenhouse gases consider household and passenger road transport. 7#9Our strategic actions enel#101 2 Our strategic actions enel Allocating capital to support a decarbonized electricity supply Enabling electrification of customer energy demand 3 Leveraging full value chain's value creation 4 Bringing forward Sustainable Net Zero 6#111 2 3 Our strategic actions enel Allocating capital to support a decarbonized electricity supply Enabling electrification of customer energy demand Leveraging full value chain's value creation Bringing forward Sustainable Net Zero 10 10#121. An investment plan tailored to address customers' needs... Total investments 1 (€bn) enel 1 2 Capex by business line and customers' needs 3 4 210 190 +6% 160 150 2021-30 Old plan Ownership Stewardship 2021-30 New plan Third parties 2021-30 Old Plan included Enel X consolidated capex in stewardship 4 Affordable and clean energy 4 44% 2021-30 170 €bn 43% Reliable and safe delivery 10% 3% High tech and high quality service 11#13...and consolidating Enel's leadership through the decade enel 33 1 2 3 4 2030 2020 2030 2020 2030 2020 Ownership RES capacity (GW) Grid customers (mn) Electricity sold² (TWh) 45 +84 GW 1291 74 81 -430 550 +7 mn +28% enel Stewardship Storage (MW) 25 0 LQ 5 6 >600 +21 GW +5 mn Electric buses (k) 0.4 >20 Total -49 154 74 86 +105 GW +12 mn 1. It includes RES capacity and BESS; 2. Power free + regulated + wholesales + PPAs 12#14Ownership capex concentrated in Tier 1 Countries where we will pursue integrated value maximization Capex Capex deployed in Tier 1 countries (bn) enel 1 3 P 44% 2021-30 44% 160 €bn 9% 3% Ly 2021-30 160 €bn 98% Tier 1 countries RoW We consider Tier 1, countries where we have an integrated or potential integrated presence 13#15Foster renewable penetration... 1. enel 1 2 3 Capacity evolution (GW) Additional capacity Gross Capex 2021-20301 4 by geo and tech¹ +84 GW 45 >5 79 129 9 9 70 ~84 GW 32 120 2020 2021 Capacity additions 2030 BESS RES It includes >5 GW capacity in 2021 and 6.6 €bn capex in 2021. 9 BESS 43 Maintenance 4 0 ~70 €bn 60 RES growth ~65 €bn development IRR-WACC 150 bps 14#16...leveraging on a unique track record ... enel Built capacity evolution¹ (MW) 13x ~15,000 3x BESS 5,120 * 2,841 3,106 924 382 2010 2015 2018 2020 2021 2030 Projects 45 58 73 95 147 managed (#) 1. It includes managed capacity Progressive acceleration of our renewables growth over time 15 1 3#17... supported by the largest pipeline in the industry... Renewables pipeline by technology and maturity (GW) 28% -373 ~52 ~209 67% 3% ~100 11.6 enel Extensive pipeline secures growth ambitions, covering our future targets towards 2030 1 3 า 2% Gross Pipeline BESS1 Early stage Mature In execution 1. It includes storage for around 38 GW in early stage and around 14 in mature pipeline 16#18...and by well-established global platforms Targets 2021 vs '24 LTM Delivery 27 COUNTRIES DEVELOPMENT >2.6x PIPELINE GROWTH 1 €bn 2022-24 PIPELINE INVESTMENTS 53.4 GW RES CAPACITY1 E&C -9% HEADCOUNT/MW³ enel 15k HEADCOUNT1 13k EXT. WORKERS1,2 4 -9% -25% HEADCOUNT/ O&M -1% OPEX/MW³ -9% +12% RECOVERY IN LOST PRODUCTION PROJECT OPEX/MW MW4 LEAD TIME 1. 2021; 2. External workers on construction sites; 3. 2021 vs. FY2020; 4. Headcount/MW in execution 17 1 2 3#19Growth of our grid infrastructure led by investments enel in Europe... Gross capex by geography1 (€bn) RAB1 (€bn) ~6 €bn increase secured by investments under execution 1 2 3 Electricity distributed (TWh) 4 17% 60 60 1. ~70 46 +28% 36 2021-30 Old Plan 2021-30 New Plan ☐ ROW Europe It does not include M&A 43 43 22 22 65 59 12% 510 570 2021 2022-30 2030 2021 2030 Grid Customers1 75 -81 (mn) 18#20...focused on quality of services and efficiency... enel 1 Capex by nature¹ 13% 2021-30 25% ~70 €bn 62% SAIDI (min) -60% 243 @2030 ~100 100% DIGITALISED GRID CUSTOMERS 2021 2030 Quality & Resiliency Opex/ 35.2 Digitalisation Grid Customer² (€/cl) ~30 -15% Connections 1. Organic growth; 2. In real terms; 3. vs 2021. +80% NEW SMART METERS³ 19 3#21...running on a single platform: Grid Blue Sky enel 1 DIGITAL INFRASTRUCTURE 3 Networks Asset value Operating performance Customer at the center Value driven resource allocation & digital network design Automated Planning and Dispatching, smart field execution and advanced resource control Customer interaction automation, advanced service to cash and commercial losses management 2024 vs 2020 Opex/Grid customer Energy Recovery Σ 22-24 (TWh) Commercial Losses reduction -5% -20 -20% GLOBAL OPERATING MODEL 20 20#22Stewardship capex deployed mainly in 'non Tier 1' countries... enel Total investments 2021-30 ~50 €bn enel 1. Excluding Open Fiber ~10 Third parties 1 2 3 4 Equity contribution by GBL Value Creation KPIs ရာ 2021-30 ~10 €bn Cumulated EBITDA 2021-301 ~4 €bn JV Equity return -20% 33 21 21#23...to further maximize the value of our asset base Renewables Managed Capacity (GW) Networks enel 1 2 3 Customers 2021 2030 2021 2030 ~25 Managed grid customers (mn) 0 5 JVs Electric Buses (k) 0.4 >20 ~22 Gridspertise 0.1 >1 Revenues (bn) JVs Storage (MW) 23 >600 ~3 Smart meters 1.2 >16 2021 -10 Additions Production (TWh) 2030 sold (mn) JVs Charging points (#) 237 3,000 ~50 1. -300 MW of capacity consolidated in 2021 22 22#242 Our strategic actions Allocating capital to support a decarbonized electricity supply Enabling electrification of customer energy demand 3 Leveraging full value chain's value creation Bringing forward Sustainable Net Zero enel 23#25Electrification starts with customers... B2C enel Combined offering to enable electrification and affordability Digitalization to enhance customer experience and efficiencies Tier 1 countries integrated margin (€bn) 2.6x Global partnerships to promote electrification and Net Zero targets B2B Target 10% market share of multinationals with full range of services ~6 B2G Partner with municipalities for the electrification of public transport Enable services for sustainable, smart and circular cities 2021E 2030 1 2 3 24 24#26... handled by a unified platform 70 mn COMMODITY CUSTOMERS 5 LANGUAGES 2 HEADCOUNT enel 16k EXT. WORKERS CUSTOMER CARE 400k CALLS MANAGED DAILY SERVICES ACTIVATION 22k DAILY ACTIVATIONS (EU) PAYMENTS 2.3 mn DAILY PAYMENTS PROCESSED BILLING 2.6 mn DAILY BILLS MANAGED -30% COMMERCIAL CLAIMS 2024 vs. 2021 -80% AVERAGE ACTIVATION TIME 2024 vs. 2021 +30% AUTOMATED PAYMENTS 2024 vs. 2021 -20% BILLING CLAIMS 2024 vs. 2021 25 1 2 3 4#27The journey to value kicks off with revenues... enel Customer Revenues (€bn) Average Revenues 1 (€/MWh) +80% %↑ -19 2021E 2030 FLAT ~75 ~75 2021E 2030 1. Calculated on T1 countries. It includes Power Free + Wholesales + PPAs; 2. In real terms. 1 2 3 Prices to customers remain flat while the portion of services offered will improve significantly 26#28...supported by electrification that drives up sales and beyond commodity services pick up Electricity sales1 (TWh) Unitary consumption² (MWh/cl/Y) enel >70% ~250 2021E 2030 2021 2030 Δ 1.4x Charging points (mn) 0.3 >5 >15x Storage behind the meter 80 >1,000 13x ~5 (MW) Demand 7.7 >20 >2.5x Response (GW) Electric buses 3.0 >20 7x (k) 2021E 2030 1. Calculated on T1 countries, It includes Power Free + Wholesales + PPAs; 2. Calculated on T1 countries. It includes Power Free + Regulated+ PPAs. 27 1 2 3 4#29Revenues increase will couple with lower integrated enel cost... 1 2 Unitary energy and service cost (€/MWh) 2021E 2030 Cost of energy sold (€/MWh) 2021E -40% 2030 Cost of service sold 1 (%) FLAT 2021E 2030 1. Cost of beyond commodities services on revenues Integrated cost set to decline on lower cost of energy sold driven by higher penetration of renewables and flat cost of services 28 3 4#30...thanks to investments in RES that will abate the cost of energy sold Sales and coverage (%) RES production on total -60% Covered by own production ~70% Covered by own production enel 1 2 2021 2030 59% >85% Overall cost of Production cost (€/MWh) -50% Energy sold 2021E Energy sold 2030 2021E 2030 Production Purchase energy sold down by -40% 29 3#31A strategy that will create value to us... Integrated capex -15% 2022-30 ~80 €bn Integrated margin (€bn) 2.6x ~6 -85% 2021E 2030 Generation Customers 1. Development capex enel Integrated EBITDA/ Capex¹ -15% 30 1 2 3#32...and to our customers ene 2030 Reduction of household energy spending¹ ~40% Sales covered by RES >85% production2 (%) GHG emissions household reduction1 -80% 1. Vs. 2020, based on Enel's portfolio of clients in Italy and Spain; 2. Based on Tier 1 countries, free market. enel 1 2 31 3 4#332 Our strategic actions Allocating capital to support a decarbonized electricity supply Enabling electrification of customer energy demand enel 3 Leveraging full value chain's value creation Bringing forward Sustainable Net Zero 32#34In 2014, we announced a matrix organisation focused enel on increasing accountability and profitability... 2014 main developments New Group organization established Enel 1 2 3 4 Regions Global Business Lines Global Generation Global Infrastructures Renewable Energles & Networks Italy ■ Customers • Local stakeholders Iberia Regulation ■ Revenues Latam ■ Cash flow ■ EBITDA East Europe Enel Group Investor Relations Global Trading Upstream Gas ■ Best practices implementation ■ Efficiencies in capex & opex ■ Capital allocation ■ EBITDA 33#35...enabling a platformisation journey towards an ever-increasing customer centricity... enel 2014 Launch of matrix organisation 2016 Migration to cloud 2017 Set up of enel x 2019 Customer operations platform GRID BLUE SKY 2020 34 1 2 3 4#36...and which is now set to evolve further to be fit for enel the future merging retail operations and Enel X... 2021 enel 1 2 3 4 Enel Green Power Global Trading Global Networks & Global Customers B2B B2C B2G Enel as a partner to optimize energy costs and improve sustainability towards Net Zero Electrification as a source of efficiency and savings Leverage on digital platforms to offer tailored solutions Define commercial strategy to enable customers' needs and maximize profitability 35#37ROW TIER 1 COUNTRIES Tier 1 ...focusing on countries that we consider 2021 enel Enel Green Global Trading Power Global Networks Global Customers 33 00000000 enelo Starting from now, Countries will be able to optimize the integration between clients' portfolio and assets, ensuring value maximisation 36 4 3 2#38A balanced asset rotation to re-position the Group enel Sources and uses of funds balance 2022-30 (€bn) NORTH & SOUTH AMERICA Sources of funds Uses of funds EUROPE & NORTH AFRICA ASIA PACIFIC Establish an integrated position and fuel organic growth Exit non core geographies to unlock resources Fulfill growth potential in domestic markets Opportunistic & accretive M & A Implement stewardship to open new markets Improve risk-return profile 37 1 2 3 4#392 Our strategic actions Allocating capital to support a decarbonized electricity supply Enabling electrification of customer energy demand 3 Leveraging full value chain's value creation 4 Bringing forward Sustainable Net Zero enel 38#40We are bringing forward our Net Zero target by accelerating customer electrification, maximizing value and addressing climate change challenges NET ZERO @2040 enel#41Path towards full decarbonization by 2040 enelo 414 227 Scope 1 emissions¹ (gCO2eq/kWh) -80% 140 82 2030 TARGET CONFIRMED Full decarbonization from 2050 to 2040 Accelerating the decomissioning of the thermal fleet to achieve full decarbonization 2017 2021 2024 2030 2040 2050 1.5 C SBTI certified No use of carbon removal 1. It includes all scope 1 emissions 40 3 4#42The strategic milestones to become Net Zero across Scopes (1, 2 and 3) by 2040 enel M Deploy new RES capacity to have a 100% Exit from coal by 2027 RES fleet by 2040 Exit from gas by 2040 Exit gas retail by 2040 100% sales from RES by 2040 Enel capex plan fully aligned with 2040 Net Zero targets 2021 2030 2040 2021 2030 2040 RES capacity 59% Gas sold >80% -100% 9.9 -6 0 on total (bsmc) 41 3 4#43Our value enel#44Enel positioning at 2030 Affordable and RES Capacity 1 (GW) RES Production1 (TWh) clean energy 154 ~340 enel Emission free production1 >85% RAB² enel Reliable and (€bn) Grid customers1 (mn) SAIDI (min) safe delivery 65 86 -100 1. High tech and Electricity sold³ (TWh) Demand Response (GW) Charging points¹ (mn) high quality service ~550 >20 >5 It includes ownership and stewardship; 2. It does not include M&A; 3. Power free + regulated + wholesales + PPAs. 43#45The value we will create to our shareholders in the long term enel EBITDA (€bn) 2020-30 CAGR 5%-6% enel Net Income (bn) 2020-30 CAGR 6%-7% 2020 2030 2020 2030 44#46The value we will create to our shareholders in the medium term enel Fixed DPS +13% 7 enel 0.43 0.43 0.40 0.38 2021 2022 2023 2024 Dividend Yield 21-24 ~6% 1. Calculated as Dividend Yield 21-24 + Earnings CAGR21-24 2021-24 TOTAL RETURN¹ -13% 45 45#472022-24 Strategic Plan enel#482022-24 Capital allocation enel#49An 12% increase in our investment plan highly aligned to SDGs and EU Taxonomy... Total investments 1 (€bn) Enel's capex (€bn) ~48 ~52 AFFORDABLE AND CLEAN ENERGY INDUSTRY. INNOVATION ANDINFRASTRUCTURE +12% 40 ~45 11 SUSTAINABLE CITIES AND COMMUNITIES CLIMATE ACTION ~43 38 ~43 38 2021-23 Old plan 2022-24 New plan A enel -94% SDG aligned 2 >85% THE EU TAXONOMY EU Taxonomy aligned² 1. 2021-23 Old plan Stewardship Ownership 2022-24 New plan Third parties 2021-23 Old Plan included Enel X consolidated capex in stewardship; 2. Referred only to capex under the ownership model. 48#50...accelerating operating delivery and improving our positioning... enel Stewardship Ownership enel X 33 RES capacity¹ (GW) Grid customers1 (mn) Electricity sold 1,3 (TWh) 2024 2024 2024 692 +19 GW 77 +2 mn 470 +30 TWh JVs Revenues (€bn) ~8 +4 GW ~4 +4 mn ~0.8 7x Total ~77 423 GW -81 +6 mn 49 49 1. Delta calculated versus 2021; 2. It includes renewable capacity and BESS; 3. Power free + regulated + wholesale + PPAs#51...driven by the ownership business model... enel 43% Gross capex Capex deployed in Tier 1 countries 2022-24 ~43 €bn 44% 2022-24 ~43 €bn 8% 5% 98% Tier 1 countries ☐ RoW Investments deployed into OECD countries increased by 15% vs. previous plan, and represents around 65% of total capex 50#52...and supported by the stewardship model that will create further value Total investments 2022-24 ~10 €bn enel Enel's equity commitment by GBL Cumulated EBITDA 2022-24 Capital gains 27% ~2 2022-24 ~2 €bn 56% 2022-24 0.6 0.6 1.2 €bn 17% ■enel Third parties Contracts Fees Equity IRR (%) -20% 51#53A growing RES deployment on attractive assets return ... 2022-24 Gross capex Maintenance BESS 1.3 1.3 2021-24 Capacity evolution (GW) +23 GW enel 77 ~4 - 54 17 0.2 18.6 €bn 15.9 RES growth¹ 53.4 IRR-WACC 200 bps 1. It excludes stewardship capex for around 0.5 €bn. 2021 Ownership Stewardship 2024 BESS RES 52 62#54...and leverages on 114 GW mature pipeline... enel 2022-24 capacity growth¹: addressed share vs pipeline² (GW) Mature pipeline by COD Beyond 2024 10% 30% I 50% already ¦addressed 23 1 11.6 I 11.4 114 -14 58 114 GW 56 ~100 60% Target additional In execution 3 Residual target Mature capacity Pipeline BESS RES 1. It includes managed capacity; 2. As of December 2021; 3. It includes 0.7 GW of BESS capacity in execution. 2022-24 Pipeline/ Residual target 2022-24 ~4.8x 53#55...with a substantial increase in clean energy production enel Production evolution1 (TWh) Emission free production CO2 emissions² (gCO2eq/kWh) 77% emission free +20% +15 p.p. vs 2021 278 232 -38% 10% 227 67% 51% 67% 2024 278 TWh -40% 140 82 2021 Renewables 2024 Conventional 2021 2024 2030 Renewables Nuclear 1. It includes renewable managed production and nuclear production; 2. Scope 1 emissions. 54#56Networks investments to enhance value and performance... 2022-24 Gross capex by geography and by nature 1. +12% RAB1 (€bn) enel +14% ~65 18 24% 49 16 43 15 18 €bn Row 12 13% 63% 13.4 11.4 +18% Europe 32 55 35 2021-23 Old Plan 2022-24 New Plan Quality & Resiliency Digitalisation Connections Europe ☐ ROW It does not include M&A. 2021 2024 2030 55#57...enabling the transition and the electrification of energy consumption enel Grid customers (mn) Managed customers 15 75 Row 28 86 ~81 98 ~4 30 30 Europe 47 47 Quality of service¹ Distributed energy1 (TWh) 2021 2024 SAIDI 243 216 (min) +4% 530 Remote 231 270 510 Control Points (k) ~570 Losses (%) 8% 7% 2021 2024 2030 2021 2024 2030 Digitalized1 60% 63% 1. It does not include managed customers and volumes and it does not include M&A. 56#582022-24 The value of integration enel#59Value creation from customer integration well visible enel early on in the decade... Integrated margin in Tier 1 Countries (€bn) -2.6x- 1.6x 1.6 2021E 2024 2030 Integrated margin in Tier 1 countries will grow by 1.6x by 2024 58#60...with revenues up double digit on stable tariff to customers... enel Customer Revenues 1 (€bn) Average Revenues 1 (€/MWh) +26% %↑ -19 2021E 2024 FLAT ~75 ~75 2021E 2024 1. Calculated on T1 countries. It includes Power Free + Wholesales + PPAs; 2. In real terms. Long term trends visible in the medium term period 59 59#61...driven by commodity and services uptake... enel -25% Electricity sales¹ (TWh) >70%- Beyond commodity services 2021 2024 A Charging points 0.3 1.1 3.7x (mn) Storage behind ~310 the meter (MW) 80 ~300 4x ~250 2021E 2024 2030 1. Calculated on T1 countries. It includes Power Free + Wholesales + PPAs. Demand Response (GW) Electric buses (k) 7.7 13 1.7x 3 ~13 4x 60 60#62...and cost of energy sold abated by investments in enel new renewable capacity Sales and coverage (%) -60% Covered by own production ~65% Covered by own production Energy sold Energy sold 2021E 2024 Production ☐ Purchase PRODUCTION COST PURCHASE COST FLAT 2021E 2024 -23% Overall cost of energy sold down by -15% -60% ~70% 2021E 2024 RES production on total 61#632022-24 Simplifying and refocusing enel#64Becoming leaner to speed up the transition with a sound earnings accretion Sources and uses of funds balance 2022-24 (€bn) enel ~10 7 ~7 ~3 Impact on EBITDA1 Neutral Sources of funds Stewardship & Non organic Growth Uses of funds Organic growth 1. It includes accretion from M&A activities and capital re-deployed in organic growth. Impacts at regime. Earnings accretion +300 €mn 63#652022-24 EBITDA evolution enel#66+12% growth in Group's EBITDA Cumulated EBITDA by business I 4 42% 2022-24 60-62 €bn 36% FY 2021 19.2 18.7-19.3 22% (1.8) EBITDA evolution over 2021-2024 (€bn) +12% 1.3 2.9 1.2 5.4 €bn Business growth enel (1.2) 21-21.6 EBITDA 2021E Open Fiber Generation Customers Networks Active Portfolio Mgmt & other EBITDA 2024 65#67EGP EBITDA: +50% FY 2021 EBITDA evolution over 2021E-2024 (€bn) 2.9 €bn +50% 6.5 5.8 I enel Financial KPIs 2021 2024 Δ EBITDA/MWh 30.5 35 +15% (€/MWh)² 0.7 0.2 2.0 8.7 Opex/MW 30.3 28.5 (k€/MW)2,3 -6% o/w 1.7 €bn 2022-24 additions Stewardship Cumulated ~400 €m n EBITDA 2022-24 2021E RES growth Price Volumes Conventional generation 2024 1. It includes nuke, gas and trading: 2. It includes renewables and thermal generation; 3. In real terms 66#68Customers EBITDA: +36% enel EBITDA evolution over 2021E-2024 (€bn) 1.3 €bn +36% Financial KPIs 2021 2024 Δ 0.2 0.7 EBITDA/Cust. commodity (€/cl) 45 60 +33% (0.1) 4.9 0.5 FY 2021 Opex/Cust. commodity (€/cl)1 20.9 18.8 -10% Cust. Revenues 3.4 3.6 75 75 (€/MWh) Stewardship Cumulated ~400 €m n EBITDA 2022-24 2021E Commodity Services Efficiency FX & Other 2024 1. Commodity. In real terms. 20 67#69Networks EBITDA: +16% FY 2021 7.7 7.5 enel EBITDA evolution over 2021E-2024 (€bn)1 1.2 €bn +16% Financial KPIs 2021 2024 Δ RAB/grid 577 customer (€/cl) 636 +10% 0.5 0.1 0.2 8.7 Opex/grid 35.2 32.6 0.4 -7% customer (€/cl)² WACC revision ! -150 €mn EBITDA/grid customer (€/cl) 101 113 12% Stewardship Cumulated ~350 €m n EBITDA 2022-24 2021E RAB Efficiency Regulatory & Volumes 2024 1. Rounded figures; 2. In real terms. Tariff 68#70Financial management enel#71An accelerated industrial growth coupling with improving FFO/ND and cash conversion... FFO/Net Debt evolution Source of funds 2022-24 (€bn) 23% Net Debt/ 2.7x 2.9x EBITDA 2021 Net debt 52 (€bn) 1. It includes grants and FX. ~42 24% ~7 ~2 enel ~51 FFO 2024 Active Portfolio Management Other¹ Total sources 61-62 Cash conversion ~70% 70#721. ...supported by sustainable finance at the core of our financial strategy... Sustainability-Linked instruments¹ Sustainable finance evolution Amount (€bn)² KPIs Pricing adj. ~10 p.p. >10 p.p. 7LEAN CLEANCHERY 13 CLIMATE Bonds 14.6 13 GIMME Loans 4.8 RCFs 14.9 13 7 CPs 13 14.1 Total 48.4 2021 55% enel 2024 2030 ~65% Sustainable sources Conventional sources As of Decembre 31th 2021 - Enel, EFI, EFA, Endesa and Enel Chile; 2. Nominal values, inclusive of undrawn notionals >70% 71#73HOLDING ...to further reduce the cost of debt... enel Financial strategy for 2022-24 Cost of debt evolution 2021-24 Amount Expected Current 55% Share of Sust. Finance ~65% (€bn) cost¹ total cost New funding 5.0 0.7% 3.7% 3.6% 3.4% 3.3% 3.5% Debt refinancing 12.0 0.7% 3.5% 3.3% 3.0% 2.9% Countries 11.7 4.3% 3.5% 2021 2022 2023 2024 Total 28.7 2.2% 3.5% Net Financial Expenses (€bn) 2.2 2.2 2.0 2.0 80% centralized finance Cost of debt Old Plan Cost of debt New Plan 1. Enel estimates on current cost associated with financial instruments 72#741. ...leveraging on a solid liquidity position Liquidity and debt maturity by year (€bn) LT MATURITIES/GROSS DEBT enel 2021 LT Gross Debt breakdown 5.8% 5.5% 12.6% 16% 59.2 €bn² 24.2 84% 17.0 9.0 4.0 4.0 Available liquidity1 ◉ Fixed/Swapped Floating 2022 2023 2024 2022-24 New plan Old plan Yearly refinancing on 9.4% 11.9% Limited impact from interest rates' volatility average gross debt As of December 31th, 2021; 2. Nominal Value. 73 73#752022-24 Targets enel#76Wrap up of the 2022-2024 targets enel 2021 2022 2023 2024 Total Return Ordinary 19.2 19-19.6 20-20.6 21-21.6 EBITDA (€bn) Earnings CAGR Net Ordinary Income (€bn) 5.6 5.6-5.8 6.1-6.3 6.7-6.9 Value creation Earnings growth Fixed ~13% 0.38 0.40 0.43 0.43 DPS (€/sh) Implied Dividend 6.6% 5.7% 6.1% 6.1% Yield1 Average DY 75 1. Enel Share Price 2022-2024 @ 7 €/sh. For 2021 Enel Share price @ March 16th 2022 @ 5.8 €/sh#77Closing remarks enel#78Closing remarks enel Enhancing the value of Customers via an integrated model A simpler and re-focused organization to drive the change Bringing forward Net Zero Visible and stable value to shareholders: Total Return ~13%#79Full Year 2021 Consolidated results Francesco Starace CEO enel#80Key highlights of the year enel EBITDA & Net Income at top of the guidance range Solid operating performance across all businesses New record on renewables 5.1 GW deployed in 2021 Shareholder return 0.38 €/sh fixed DPS 79#81Enel positioning in 2021 enel A greener installed base RES Capacity¹ (GW) 53.4 RES Production1 (TWh) Emission free production 1 118 62% enel A highly digitalized and Electricity distributed (TWh) Smart meters (mn) SAIDI 510 45 -6% resilient grid Electricity sold (TWh) Demand Response (GW) Charging points (k) Push on electrification 309 7.7 319 1. It includes renewable managed capacity 80#82A visible acceleration in renewables growth... 87.7 39.0 Total capacity evolution 1 (GW) Total capacity enel Total production¹ (TWh) 90.7 Renewables (2.0) 37.0 51% FY 2021 232 TWh 38% 5.1 0.1 (0.1) NEW 53.4 48.6 RECORD 62% Emission free 11% Nuke Thermal FY 2020 Built Asset rotation/ Phase out FY 2021 FY 2020 FY 2021 RES on Total GHG emissions 55% 59% 214 227 (g CO2eq/kWh) Renewables BESS Conventional generation 1. It includes renewable managed capacity 81#83Renewable pipeline at around 370 GW supports delivery on additional capacity target Renewables Pipeline (GW) enel 2022-24 Additional capacity target² ~373 ~52 -209 +40 GW vs PY -100 11.6 Gross Pipeline BESS 1 Early stage Mature I In execution 1. 2. It includes BESS for around 38 GW in early stage and around 14 in mature pipeline It includes both renewables and BESS Residual target 11.6 23 GW 11.4 Capacity in execution 2022-24 Pipeline/ Residual target2 4.8x 82 32#84Volumes back to pre COVID-19 levels, continued improvement in quality and digitalization Electricity distributed (TWh) SAIDI¹ (min.) +5% 485 259 510 -6% Smart meter enel Smart meter 2.0 22.9 FY 2021 45 mn 22.1 243 FY 2020 FY 2021 FY 2020 FY 2021 End users¹ 74.3 75.2 (mn) 1. 2020 restated figure Smart meter 700k smart meters installed in 2021 83#85Push on electrification drives up sales and 'beyond commodity' services Free market energy sold (TWh) Free market power customers (mn) enel FY 2020 FY 2021 +9% %༡ 187 +1.77 Charging points (k) 186 319 1.7x 171 19.1 41 40 17.4 146 131 Storage behind the meter (MW) 69 80 +16% p Demand 6.0 7.7 +28% Response (GW) Electric buses 963 3,046 3x Building FY 2020 FY 2021 FY 2020 FY 2021 261 304 +16% Efficiency (#) B2C B2B Total power customers (mn) 63.7 63.4 84 1. It includes energy losses#86Simple and predictable shareholder remuneration Visible improvement in shareholder remuneration with a 6% increase in DPS and 7% dividend yield¹ 1. Enel Share Price as of March 16th, 2022 +6% DPS (€/sh) +12% 0.40 0.38 0.358 2020 2021 2022 enel 85#87Full Year 2021 Financial results Alberto De Paoli CFO enel#88Financial highlights (€mn) EBITDA1 +7% Net Income FFO +8% +3% enel 19,210 5,593 11,525 11,818 18,027 5,197 FY 2020 FY 2021 FY 2020 FY 2021 FY 2020 FY 2021 1. 1.7 €bn government intervention to tackle energy crisis, FFO adjusted up by 17% EBITDA FY 2020 restated. Ordinary figures, it excludes extraordinary items in FY 2020 (-1,124 €mn: -133 €mn donations and emergency costs COVID-19, -232 €mn impairment, -759 €mn energy transition and digitalization funds) and in FY 2021 (1,643 €mn: -53 €mn donations and emergency costs COVID-19, -1,590 €mn energy transition and digitalization funds) 87#89Integrated and diversified business model drives EBITDA up by 7% yoy EBITDA evolution (€bn) enel 18.0 +7% 1.76 1.27 (1.42) (0.31) (0.11) c. 1 €bn temporary headwinds FY 2020 Operating Open Negative growth Fiber dynamics FX & Efficiencies + 19.2 Delta Non FY 2021 recurring • Operating growth Strong contribution of renewable development • Grid digitalization and quality in Europe • Recovery of volumes and tariff indexation in Latam • Uptake in beyond commodity services • Efficiencies in networks and generation Temporary Headwinds Negative dynamics Drought in Chile and gas shortage from Argentina Lower prices, mainly in Italy and Spain, as a consequence of the pandemic Electricity purchase costs increase Adjustments on tariffs and gas contracts 88 I#901. Enel Green Power and Conventional generation Renewable performance up by 2% yoy despite lack of resources EBITDA evolution (€bn) -6% enel 0.37 6.9 0.37 2.2 4.7 + 6.5 • -24% (1.03) (0.15) 1.7 • c.0.8 €bn temporary headwinds FY 2020 Operating Delta Non Negative growth & recurring' dynamics Efficiencies 4.8 +2% FX FY 2021 • Operating growth Contribution from new capacity installed in US and Latin America Efficiencies mainly in Italy and Spain Temporary headwinds Negative dynamics Severe drought and gas shortage in Chile Lower prices, mainly in Italy and Spain, as a consequence of the pandemic Price adjustments on gas contracts Enel Green Power | Conventional Generation & Trading FY 2021: mainly 186 €mn CO2 regularization, 300 €mn Hydro canon in Spain; FY 2020: mainly c.170 €mn Provision reversal in Spain 89#91Infrastructure and Networks KPIs back to pre-COVID levels, growth yoy overshadowed by non-recurrings EBITDA evolution1 (€bn) -2% enel + 0.75 7.8 7.7 • (0.45) (0.3) +7% 1.7 (0.1) . 1.8 6.1 FY 2020 Operating Delta Non Negative growth & Efficiencies recurring² dynamics Europe | Latin America • Operating growth Quality & digitalization programs in Europe Higher volumes and tariff indexation in Latam Efficiencies mainly in Latin America and Italy 5.8 Negative dynamics -4% • Impact from tariff adjustments in Europe FX FY 2021 1. FY 2020 restated 2. FY 2021: mainly 110 €mn Resolution n.50 in Italy; FY 2020: mainly c.180 €mn Provision reversal in Spain and 390 €mn Resolution n.50 in Italy 90#92Retail Free Market performance: EBITDA up by 3% in Italy and 5% in Spain EBITDA evolution1 (€mn) enel Focus on free market EBITDA (Єmn) Energy sold (TWh) 2 -3% ୮ -% +9% ୮ ୮ ר 64.2 69.9 3,197 3,086 2,551 2,549 18.0 17.2 +5% -17% 71 91 Italy 646 537 514 47.0 51.9 538 +10% +5% FY 2020 FY 2021 ■ B2C 2,551 2,549 1,903 1,961 -% +3% B2B -1% 75.7 75.2 18.7 18.0 -4% FY 2020 Regulated markets Free markets FY 2021 FY 2020 FY 2021 ■ Italy Romania Other Iberia 57.0 57.2 -% Iberia FY 2020 FY 2021 1. FY2020 restated 2. Free market, it includes energy losses 91#93Net Income up by 8% yoy, despite the liability management program executed in 2021 Net Ordinary Income evolution (€bn) + enel 5.2 1.2 +8% 0.4 (0.3) (0.6) 5.6 (0.3) FY 2020 EBITDA D&A Financial Taxes Minorities FY 2021 charges¹ 1. It includes income on equity • • 20 bps reduction in cost of debt vs. 2020, thanks to the extensive liability management program Minorities reduction on the back of continued simplification efforts • . 0.7 €bn negative impact on financial expenses from liability management Around 0.4 €bn negative contribution from non- recurring on taxes 92 42#94Cash flow (Єbn)¹ (0.7) €bn Liability management 19.2 ( 2.0 ) (0.8) (1.8) (2.8) 11.8 enel (13.1) (1.3) Ordinary EBITDA A Provisions³ AWorking capital Income taxes Financial expenses* FFO Capex FCF 4 & other PY 18.02 (2.1) (0.5) (1.6) (2.0) 11.5 (10.2) 1.3 Delta YoY +7% +4% -60% -17% -39% +3% 1. Rounded figures 2. 3. 4. EBITDA FY2020 restated. Calculation includes 0.4 €bn provision reversal in Spain reported separately in Q1 2020 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 93#9527% increase in capital deployed vs previous year to enel fuel future growth Total investments 1 (€bn) Capex by business line 10.2 9.8 +27% -27% 13.1 0.4 12.7 45% 41% FY 2021 13.1 €bn 8% 6% FY 2020 Ownership FY 2021 Stewardship 1. FY 2020 restated. Total investments do not include equity injection for around 110 €mn in FY 2020 and around 150 €mn FY 2021 2021 additional renewable capacity to contribute more than 500 €m n EBITDA in 2022 94#96Debt evolution Net debt evolution (€bn) Gross debt (bn) enel ୮ +22% 2.0 52.0 59.0 5.0 0.8 0.7 45.4 1.3 Hybrids 3.2 49.3 12 1. 2. ר 72.0 8.9 Cash 6.0 11.1 Fin. receivables 7.6 52.0 45.4 Net debt Dec 31, 2020 FCF Dividends APM Operating New paid net debt Leasing FX² Dec 31, 2021 Dec 31, 2020 Dec 31, 2021 3.7% Cost of gross debt 3.5% It includes around 0.97 €bn related to the change in accounting treatment following the consent solicitation and 2.21 €bn of new hybrids It includes foreign exchange derivatives realized in the period 95#97Strong financial position with ample liquidity available enel Liquidity position and LT debt maturities (€bn)1 2021 LT debt breakdown 16% 2022-24 Maturities 17 €bn 13.1 8.9 24.2 €bn¹ 15.3 9.0 5.4 59.2 €bn² 2.6 4.0 4.0 84% 7.7 1.3 1.3 6.4 2.7 2.7 Available committed 2022 2023 credit lines Bank Loans & Others 2024 2025-2026 Bonds Fixed/Swapped Floating ■Cash Limited impact from interest rates' volatility 1. As of December 31st, 2021 96#98Closing remarks enel Earnings at the top of the guidance range, confirming our delivery capabilities Our business model is engineered for resilience Our strategy is fit for a changing energy world Our dividend policy will continue to be visible 97#992022-24 Annexes enel#100Annexes Financial annexes Macroscenario enel Page 81 Enel Green Power 86 Global Infrastructure & Networks 92 Global Customers 96 Enel Group financials 100 ESG annexes Sustainability strategy Focus on Corporate Governance 111 127 enel Contact us 137 99#1012022-24 Financial Annexes enel#1022022-24 Macroscenario enel#103GDP and CPI GDP (%) CPI (%) 2022 2023 2024 2022 2023 2024 Italy 4.6 1.7 0.6 1.3 1.2 1.4 Iberia 6.2 2.6 1.9 1.4 1.5 1.6 Latin America Argentina 1.6 1.8 1.7 41.8 34.1 28.4 Brazil 2.3 2.2 2.3 5.5 3.7 3.3 Chile 2.7 3.6 3.4 4.1 3.2 3.0 Colombia 4.1 3.8 3.8 3.5 3.3 3.1 Peru 4.6 4.0 3.6 4.0 3.2 3.0 Rest of Europe Romania 4.4 2.9 2.4 2.5 2.7 2.7 Russia 2.5 1.8 1.7 4.3 4.1 3.8 North America USA 3.0 1.2 1.4 Mexico 3.7 2.2 2.1 2 2 2.2 2 2.5 5 2.0 2.0 2.3 2.6 enel 102#104NET INCOME EBITDA Target range to provide an ample buffer against currencies volatility Currencies @SPOT vs EBITDA and Net Income target range max max max FOCUS ON NET INCOME Impact of a 10% devalution vs. SPOT enel min min min Spot¹ USD/BRL 5.53 ~70 €mn/Year 2022 2023 2024 max USD/CLP 831 ~10 €mn/Year max max USD/COP 3,929 ~ 15 €mn/Year Still in the range min min min USD/PEN 4.0 ~ 15 €mn/Year 2022 2023 2024 Currency @Spot 1. Spot @ 19-11-2021: EUR/USD @1.13 103#105Commodities' prices 2022 2023 2024 Gas TTF (€/MWh) 27.0 22.3 19.0 Gas Henry Hub ($/mmbtu) 3.3 3.0 2.7 Gas PSV (€/MWh) 28.0 23.0 19.9 Oil Brent ($/bbl) 66.0 63.0 62.0 Coal AP12 ($/ton) CO2 (€/ton) 90.0 75.5 73.5 65.0 69.0 74.0 enel 104#106Commodities Commodities and electricity demand Impact on 2022-24 Cumulated EBITDA (€mn) enel 2022 2024 CO2 65 74 (€ton) COAL 90 74 (US$/t) GAS 27 19 (€/MWh) 2022 2024 Italy 321 331 (TWh) Iberia 251 259 (TWh) Latam 974 1,033 (TWh) Electricity demand -1% +1% -10% +10% (250) (400) 300 250 Balanced position on upside/ downside scenario on commodities and demand 105#1072022-24 Enel Green Power enel#108123 1. 2. 3. Consolidated capacity 1 By technology² By geography² enel 58% share of RES 66% share of RES 7% 17% 19% 16% 9% 2% 1% 14% 27% 17% 8% 29% 7% 11% 2021 20243 14% 87.1 GW 101.5 GW 2021 87.1 GW 20243 101.5 GW 18% 4% 3% 28% 8% 32% 4% 28% 24% 23% 28% Hydro Wind Solar & Other Geothermal Italy Latin America North America Nuke CCGT Coal Oil & Gas Iberia Rest of Europe Africa, Asia & Oceania Rounded figures. It excludes managed RES capacity for 3.3 GW in 2021 and 7.6 GW in 2024. Percentages are calculated excluding perimeter effects. 107#109123 1. 2. 3. Consolidated production¹ By technology² 49% share of RES 65% share of RES By geography² enel 4% 3% 23% 17% 13% 16% 9% 1% 1% 15% 17% 21% alo 11% 8% 9% 2021 20243 223 TWh 25% 257 TWh 2021 223 TWh 20243 257 TWh 24% 10% 10% 26% 26% 6% 32% 34% 11% 25% Hydro Wind Solar & Other Geothermal Italy Latin America North America Nuke CCGT Coal Oil & Gas Iberia Rest of Europe Africa, Asia & Oceania Rounded figures. It excludes managed RES production for 9.6 TWh in 2021 and 21.2 TWh in 2024. Percentages are calculated excluding perimeter effects. 108#110RES Additional Capacity1 (MW) Italy Iberia Latin America 2022 Hydro 2023 32 - 3 13 1 154 enel Wind Geothermal Solar & Other Total 2024 2022 2023 2024 2022 2023 2024 2022 2023 2024 2022 2023 2024 98 50 3 29 263 546 161 263 596 2 329 77 634 1,419 1,514 966 1,509 1,516 500 1,224 770 1,244 889 731 1,745 2,266 1,501 7 650 150 154 157 804 1,051 300 1,474 1,828 1,847 2,525 1,828 2,147 Rest of Europe North America Africa, Asia & Oceania Total 36 168 2 1,977 1,308 1,770 3 1. Rounded figures. 3,382 4,548 4,792 5,397 6,024 6,565 Managed 736 820 1,674 Total 6,133 6,844 8,239 By technology By geography 15% 5% Italy 34% 19% Iberia Solar & Other 21.2 GW Hydro Latin America 21.2 GW 65% Wind 31% Rest of Europe 70 26% North America 5% Africa, Asia & Oceania 109#111COD 2022-24 Mature Pipeline¹ (GW) By geography By technology enel COD COD 2022 2023 2024 Total 2022 2023 2024 Total Italy Iberia 0.0 0.4 4.7 5.2 0.1 2.8 2.7 5.5 Wind 0.0 1.2 12.3 13.6 Latin America 0.0 2.8 9.7 12.5 Rest of Europe 0.0 0.8 3.0 3.8 Solar Hydro 0.1 11.4 21.0 32.4 0.0 0.0 0.1 0.2 North America 4.3 6.5 10.7 Geothermal 0.0 0.0 0.1 0.1 Africa, Asia & Oceania 1.5 7.0 8.5 Total RES Pipeline 0.1 12.6 33.6 46.3 Total RES Pipeline 0.1 12.6 33.6 46.3 Storage 0.0 3.2 6.0 9.2 Storage 0.0 3.2 6.0 9.2 Total Mature Pipeline 0.2 15.7 39.6 55.5 Total Mature Pipeline 0.2 15.7 39.6 55.5 1. Rounded figures By geography2 Italy 19% 11% Iberia 12% Latin America 46 GW 23% Rest of Europe 27% North America 8% 1. Rounded figures. 2. Storage is not included. Africa, Asia & Oceania By COD² 0% By technology² 29% 27% 2022 Wind 46 GW 46 GW 2023 Solar & Other 2024 71% 73% 110#112Sales Portfolio & PPAs key features RES Portfolio Composition enel PPAS by Off-taker rating PPAs by Duration 13% 7% 15% 26% 2022-24 2022-24 452 TWh 51% 23% 230 TWh 22% 2022-24 230 TWh 43% 23% 57% Covered by PPAs (>=3 years) Forward sales & PPAs < 3 years Hedged with retail portfolio¹ 1. Volumes sold forward in year n-1. 20% AAA to A- BB+ to BB- BBB+ to BBB- B+ to CCC- >10 years 6-10 years 3-5 years 1-2 years ~11 years average duration 111#1132022-24 Global Infrastructure & Networks enel#114Electricity distributed, Grid customers, Smart meters1 enel 1. 2. Electricity distributed (TW h) 2021 Grid customers² (mn) Smart meters (mn) 2024 2021 2024 2021 2024 Italy Iberia 227 230 31.6 31.5 31.0 31.5 131 136 12.4 12.7 12.5 12.7 Latin America 136 147 28.2 29.8 0.5 2.8 Rest of Europe Total 16 17 3.0 3.2 1.0 1.5 510 530 75.2 77.2 45.0 48.4 Rounded figures. It excludes ~4 mn managed grid customers. 113#115Current regulatory framework in Europe¹ Italy enel Iberia Romania WACC real pre tax 2022 5.2% 5.6% 6.4% 3 Next Regulatory Period 20242 2026 2024 Regulatory Period 4+4 6 5 Length (years) Metering Ownership Owned by DSO Owned by DSO Owned by DSO Smart meter Yes No Yes inclusion in RAB 123 1. As of December 2021. 2. WACC review by 2022. 3. +1% new capex. 114#116Current regulatory framework in Latin America¹ enel Argentina Brazil Chile Colombia Peru WACC real pre tax 2022 12.5% 10.8% 7.5% 2,3 11.5% 12.0%³ Next Regulatory Period 20234 2023 Nov 2024 2024 Nov 2022 5 (Rio, Goias) Regulatory Period 5 Length (years) 4 (Ceará, São Paulo) 4 5 4 Metering Ownership Smart meter inclusion in RAB3 123455 1. As of February 2022. 2. 3. 4. 5. 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). The new regulatory period was postponed to 2023 by the government given the pandemic situation. Smart meters are not included in the RAB but they will have a regulated remuneration (renting fee) Owned by DSO Owned by DSO Owned by users/DSO Owned by users/DSO Owned by DSO Yes Yes No 5 To be defined Yes 115#1172022-24 Global Customers enel#118Power & Gas customers and volumes¹ enel Power Gas Customers (mn) Volumes (TWh) Customers (mn) Volumes (bsmc) 2021 2024 2021 2024 2021 2024 2021 2024 Italy 21.8 18.1 92.8 94.9 4.2 4.2 4.4 4.0 Free Market 10.2 18.1 65.6 94.9 4.2 4.2 4.4 4.0 Regulated 11.6 27.2 Iberia² 10.3 10.0 79.5 92.5 1.7 1.8 5.2 4.6 Free Market 5.9 5.8 68.8 80.4 1.5 1.6 5.1 4.5 Regulated 4.4 4.2 10.7 12.1 0.2 0.2 0.1 0.1 Latin America 28.3 29.6 127.9 155.8 0.0 0.0 0.2 0.6 Rest of Europe 3.0 3.3 9.3 9.9 0.1 0.2 0.2 0.2 Total 63.4 61.0 309.4 353.2 6.0 6.3 9.9 9.5 1. Rounded figures. 2. Iberia includes Spain and Portugal. 117#119Italian and Spanish Power Market Italy Spain enel Customers (mn) Enel Customers (mn) Enel Regulated Free Total Market Share Regulated Free Total Market Share Business 1.7 5.2 6.9 37% Business 0.0 0.9 0.9 22% Residential 11.7 18.1 29.8 45% Residential 10.9 17.9 28.8 28% Total 13.4 23.3 36.7 Total 10.9 18.8 29.7 Enel Market Share 87% 44% Enel Market Share 2 44% 28% Energy sold (TWh) Enel Energy sold (TWh) Regulated Free Business 7.9 207.0 Total 214.9 Market Share Regulated Free Total Enel Market Share 24% Residential 25.5 40.9 66.4 44% Business Residential 1.3 167.9 169.2 28% 26.6 60.6 87.2 33% Total 33.4 247.9 281.3 Total 27.8 228.6 256.4 Enel Market Share 90% 27% Enel Market Share 45% 28% Enel's estimate based on FY 2021; % calculated on Total Regulated and Free Market (excluding Last Resort - "Salvaguardia") Gross of energy losses 12 1. 2. Portugal is not included 118 ར#1201. Enel X KPIs enel Charging Points' (k) Street lighting (mn) Electric buses (#) Storage (MW) Demand Response (GW) 2021 2024 2021 2024 2021 2024 2021 Italy Iberia Latin America 39 150 1.5 1.9 9 46 0.1 0.1 17 146 1,903 2024 190 2021 2024 1.0 2.7 878 - 0.2 4 14 1.2 1.6 2,491 5,863 39 - 0.4 Rest of Europe 2 36 970 22 22 1.1 2.1 North America 99 376 Africa, Asia & Oceania 4 71 267 125 2,479 52 174 4.1 4.3 512 6 51 1.5 3.3 Other 162 408 Total 319 1,101 2.8 3.6 3,046 12,605 80 476 7.7 13.0 Other refers to interoperability points in Europe. 119#1212022-24 Enel Group financials enel#122Gross Capex¹ (€bn) Cumulated gross capex by GBL2 3% 5% 123 1. 2. 3. enel Cumulated gross capex by geography³ Italy Networks 16% 5% Iberia Retail 6% 37% 43% Latin America 42.6 €bn Conventional generation 42.6 €bn Rest of Europe Enel X 23% 44% North America Renewables 18% Africa, Asia & Oceania Enel Green Power Global Customers Conventional Generation & Trading Global Infrastructure Services Renewables Retail Enel X Total & Networks & Other 2022 2023 2024 2022 2023 2024 2022 2023 2024 2022 2023 2024 2022 2023 2024 2022 2023 2024 2022 2023 2024 Italy Iberia 0.4 0.4 0.2 0.6 0.7 0.8 2.9 3.5 3.4 0.4 0.4 0.5 0.3 0.3 0.2 0.1 0.1 4.8 5.5 5.2 0.3 0.3 0.3 1.2 0.8 1.1 0.9 1.0 1.0 0.2 0.2 0.2 0.1 0.1 0.1 0.0 0.0 0.0 2.6 2.3 2.6 Latin America 0.2 0.1 0.1 1.7 1.4 1.2 1.5 1.4 1.8 0.1 0.0 0.0 0.1 0.1 0.1 0.0 0.0 0.0 3.6 3.1 3.1 Rest of Europe 0.1 0.1 0.1 0.2 0.4 1.1 0.2 0.2 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.5 0.7 1.4 North America 0.0 0.0 0.0 2.4 2.2 2.2 0.0 0.0 0.0 0.0 0.0 0.0 2.5 2.3 2.2 Africa, Asia & Oceania - 0.0 0.0 0.0 - 0.0 0.0 0.0 - - 0.0 0.0 0.0 Total 0.9 0.8 0.6 6.3 5.7 6.6 5.6 6.1 6.4 0.7 0.7 0.7 0.5 0.5 0.5 0.2 -0.1 -0.1 14.2 13.7 14.7 Total Capex 2022- 2024 2.4 18.6 18.1 2.0 1.4 42.6 Rounded figures. Services & Other is not included in the breakdown. Other is not included in the breakdown. 121#123Asset Development Capex¹ (€bn) Cumulated gross capex by GBL² 2% enel Cumulated gross capex by geography³ Italy 3% Networks 24% Iberia 33% 34% Retail Latin America 61% 28.4 €bn Conventional generation 28.4 €bn 7% Rest of Europe Enel X North America 20% 16% Renewables Africa, Asia & Oceania Enel Green Power Global Customers Conventional Generation & Trading Global Infrastructure Services Renewables Retail Enel X Total & Networks & Other 2022 2023 2024 2022 2023 2024 2022 2023 2024 2022 2023 2024 2022 2023 2024 2022 2023 2024 2022 2023 2024 Italy Iberia Latin America 0.3 0.3 0.1 0.4 0.6 0.6 1.8 2.4 2.2 0.1 0.2 0.1 0.0 0.0 0.0 2.6 3.4 3.2 0.0 - . 1.1 0.7 1.1 0.5 0.5 0.4 0.0 0.0 0.0 1.6 1.2 1.5 0.0 0.0 0.0 1.6 1.3 1.1 0.4 0.4 0.6 - 0.1 0.0 0.0 2.2 1.8 1.7 Rest of Europe 0.0 0.0 0.0 0.2 0.4 1.0 0.1 0.1 0.1 0.0 0.0 0.0 0.3 0.5 1.2 North America - - 2.4 2.2 2.1 - - 0.0 0.0 0.0 2.4 2.2 2.1 Africa, Asia & Oceania - 0.0 0.0 0.0 - 0.0 0.0 0.0 0.0 0.0 0.0 Total 0.4 0.3 0.2 5.9 5.2 6.2 2.9 Total Capex 2022- 2024 0.9 17.2 3.4 3.4 9.6 0.1 0.2 0.3 0.0 0.0 0.0 9.3 9.2 10.0 0.6 0.1 28.4 1. 2. 123 Rounded figures. Services & Other is not included in the breakdown. 3. Other is not included in the breakdown. 122#124Enel Green Power Ordinary EBITDA1 Ordinary EBITDA (€bn) enel Renewables - By geography² 2% 1% 15% 25% 22% 23% 4% 8.7 2021 4.8 €bn 2024 5% 7.2 €bn 12% 1.5 37% 17% 37% 6.5 1.7 Conventional Generation and Trading - By geography2 5% 7.2 20% 27% 4.8 2021 1.7 €bn 2021 2024 48% Italy Conventional generation 6% 15% 26% 2024 1.5€bn 53% Iberia Renewables 1. Rounded figures. 2. Other is not included in the breakdown. Latin America North America Rest of Europe Africa, Asia & Oceania 123#125Infrastructure & Networks Ordinary EBITDA1 Ordinary EBITDA (€bn) EBITDA - By geography² 1. 2. 7.7 1% 24% 8.7 2021 50% 7.7 €bn 2021 2024 Rounded figures. Other is not included in the breakdown. 25% Italy Latin America enel 2% 29% 2024 8.7 €bn 47% 22% Iberia Rest of Europe 124#126Customers Ordinary EBITDA¹ Ordinary EBITDA (€bn) 3.4 0.3 Retail By geography2 enel 8% 3% 11% 18% 2021 23% 3.1 €bn 4.9 2024 4.0 €bn 0.9 63% 74% 3.1 4.0 5%7% 2021 0.3 €bn 29% 2021 2024 17% Retail Enel X 1. Rounded figures. 2. Other is not included in the breakdown. Enel X - By geography² 42% 397% 7% 2024 21% 0.9 €bn 49% 13% Italy Latin America North America Iberia Rest of Europe Africa, Asia & Oceania 125#127Ordinary EBITDA by GBLs¹ (€bn) Italy2 Iberia² enel Rest of Europe² ~9.1 ~0.8 ~4.6 8 4.2 22% 45% 0.3 42% 48% 15% 45% 18% 11% 7% 28% 20% 13% 47% 29% 4% 20% 18% 3% -6% 4% 45% 2% 1% 2% 19% 15% 21% 18% 32% 2021 2024 2021 2024 2021 2024 Networks Conventional generation Renewables Retail Enel X 1. Rounded figures. 2. Other is not included in the breakdown. 126#128Ordinary EBITDA by GBLs¹ (€bn) Latin America² ~5.9 North America² ~1.6 enel Africa, Asia & Oceania2 ~0.1 1% 0.1 41% 4.3 42% 42% 7% 0.7 4% 99% 1% 2% 7% 3% 100% 4% 59% 2% 45% 96% 45% 2021 2024 1. Rounded figures. 2. Other is not included in the breakdown. 2021 Networks Retail 2024 Conventional generation Enel X 2021 Renewables 2024 127#129Baseload power price & production sold forward Italy (€/MWh) Iberia (€/MWh) 2022 88.1 82.9 Baseload price 2023 78.9 69.4 Production sold forward 2024 75.0 59.0 enel 2022 2023 2024 price % price % price % Italy (€/MWh)¹ 60.0 100% 75.4 46% Iberia (€/MWh)¹ 54.0 97% 58.0 55% Brazil (USD/MWh) 51.7 100% 49.2 100% 46.5 100% Chile (USD/MWh) 70.6 100% 66.9 100% 66.5 100% Colombia (USD/MWh) 66.1 100% 64.3 100% 65.3 98% Peru (USD/MWh) 58.5 100% 60.5 100% 62.9 100% Hedged prices and volumes updated @ 31/12. 1. Average hedged price; wholesale price for Italy, retail price for Spain. 128#1302022-24 ESG Annexes enel#131Sustainability strategy enel#132Sustainability strategy and contribution to Sustainable development goals SDGs Value creation AUGINILLERSATIRE 13 Sustainable development 14 15 A 10 SUSTAINABLE GOALS GROWTH ACCELERATORS ⚫ innovation Energy transition People centricity ESG backbones ⚫ cyber security ⚫digital supports ⚫circular economy ⚫sustainable finance The future of generation, electrification, digital and platforms Our people Local and global communities Sustainable supply chain Occupational health and safety Environmental sustainability Sound governance Focus on enel Just Transition for Enel's People > Innovation > Circular economy > Cyber security Diversity & inclusion > Sustainability projects Sustainable supply chain > Health & safety Environmental sustainability Enel's main Policies 131#1331. Just Transition for Enel's People People centricity enel Enel's strategy for a Just Transition promotes a highly sustainable program to increase people's skills through: Internal redeployment and upskilling/reskilling processes for people working in coal generation, which is being phased out, enabling them to work in other units, ensuring knowledge transfer Voluntary early retirement plans Hiring and upskilling/reskilling programs to acquire new skills and to support the generational mix and the sharing of knowledges 2021 ~55% of people leaving coal power plants in 2021 are redeployed and attended upskilling and reskilling programs (80 hours 1 per capita) Coal redeployed people: -90% within EGP perimeter, ~10% to other Enel business areas 2022-2024 50% of people leaving coal power plants will be redeployed, attending upskilling and reskilling program. The other 50% will be involved in early retirement plans Overall training dedicated to total employees up to 40% to reskilling and upskilling Strengthening of ‘internal training' approach 2021E 132#134SCONFIGGERE LA POVERTA SCOMEERE SSS SALUTEE BENESSERE ISTRUZIONE DE QUALITA Innovation PARITA GENERE 6 V ACQUA PLACE LAVORO EIGN TOSE 8 ECRESCITA ECONOMICA Σ RIDURRE LE UITTAY COMPLA 12 IMPRESE INNOVAZIONE EINFRASTRUTTURE 10 INSUGUAGLIANZE CONSUNDE RESPONSAB QO LOTTA CONTRO 13 CAMBIAMENTO CLIMATICO LAVITA LA VITA 14 SOTTACOUR 15 SIKLA TERRA FACE, GUSTIZIA SOLIDE 16 ISTRUZION PARTNERSHIP 17 PER GLIOBIETTIVI enel 7 Hub 3 Hub & Lab 3 Labs dedicated to startups ~12,000 Startups scouted 115+ scaled-up Moscow Innovation Hubs/Labs¹ Silicon Valley Boston Madrid Milan Pisa Catania 465 engaged in projects Tel Aviv Tel Aviv Inn. Lab Be'er Sheva Lab > 10 Hubs involved 22 Labs involved² Crowdsourcing³ 170+ Challenges > 10,000+ Proposals collected 600+ Innovation and Partnerships4 sustainability partnerships Rio de Janeiro Santiago São Paulo Lab 1. Data from 2015 3. Data from 2017 2. Of which 3 are Hub & Lab and 3 are dedicated to startups 4. Active partnerships 2021 2024 Proof of Concept launched (#) 168 520 Solutions under scale- 46 137 up in the business (#) Countries reached by direct network 133#135GENERE 6 ESERV ACQUA PURIED LAVORO DIGNTOSO 8 IGENICO SANITARI ECRESCITA ECONOMICA IMPRESE INNOVAZIONE 10 ELE UITTAY COMPLA DISUGUAGLIANZE ESFRASTRUTTURE SCONFIGGERE LA POVERTA SCOMEERE SALUTEE BENESSERE ISTRUZIONE DI QUALITA PARITA 555 Circular economy B CONSUMDE 12 PRODUZIONE RESPONSABILE QO LOTTA CONTRO 13 CAMERAMENTO CLIMATICO LA VITA 14 SOTTACOUR 2 LAVITA 15 SIKLA TERRA FACE, GUSTIZIA SOLIDE 16 ISTRUZION PARTNERSHIP 17 PER GLIOBIETTIVI Enel's vision of the circular economy stands of five pillars that define the related context and methods of application Circular Inputs Life extension Product as a Service Shared Platforms 1. 2. Production and use model based on renewable inputs or previous life cycles (reuse and recycling) Approach to the design and management of an asset or product in order to extend its useful life Business model in which the customer purchases a service for a limited time while the company maintains the properties of the product, maximizing the utilization factor and useful life Management systems in common among multiple users IRCULAR CIRCULAR enel DESIG IGN USEFUL LIFE EXTENSION NEW LIFE CYCLES ALU PRODUCT A SERVICES SHARED S USE C TR 2021 2030 Circularity Improvement¹ 62% 92% 2022-24 Projects to reduce raw materials consumption² (#) 15 New life cycle Any solution to preserve the value of an asset at the end of > a life cycle through reuse, regeneration, upcycling or recycling Materials and fuel consumption reduction of the Group's power fleet throughout the life cycle, compared to 2015 Implementation of strategic circular economy projects focused on the key technologies (e.g. wind, pv, smart meter, EV charging stations, EV batteries) with the aim to reduce the consumption of raw materials. Seven of these are included on Innovation Projects. 134#136PARITA GENERE 6 ESERV ACQUA PLIED 8 LAVORO EIGN TOSE ECRESCITA IGENICO SANITARI ECONOMICA IMPRESE INNOVAZIONE EINFRASTRUTTURE 10 GLANZE RIDURRE LE CITTA E COMUNITA ROSTENBILI SCONFIGGERE LA POVERTA SCOMEERE SSS SALUTEE BENESSERE ISTRUZIONE DI QUALITA Cyber security Σ LAVITA LOTTA CONTRO 14 SOTTACOUR LA VITA 15 SIKLA TERRA 12 CONSUNDE RESPONSAB Q 13 CAMBIAMENTO CLIMATICO STRATEGY PACE GRUSTIZIA 16 ISTRUZIONI SOLIDE PARTNERSHIP 17 PERGLIOBIETTIV enel Cyber Security Framework Approach 1. 2. Enel adopted a structured cyber security system to manage all cyber risks, assigning a tailored accountability to relevant stakeholders It includes 8 processes fully applicable to the complexity of regular Information Technology (IT), industrial Operational Technology (OT) and Internet of Things (loT) environments It is driven by a "risk-based" approach, which considers the business risk analysis as the basic step of all strategic decisions, and a "cyber security by design" principle, which allows to focus on cyber security topics from the very early stages of system design and implementation IDENTITY MGMT & ACCESS CONTROL AWARENESS & TRAINING ASSURANCE CYBER EMERGENCY RESPONSE (CERT) RISK- CYBER BASED SECURI APPRO- TY BY ACH DESIGN Cyber exercises involving industrial plants/sites 1,2 (#) RISK ASSESSMENT RISK TREATMENT Cyber Security Framework ENGINEERING, DESIGN & IMPLEMENTATION 2021 planned 2021 2022-24 10 23 40 Information security verification activities² (#) Knowledge sharing events (#) 800 1,580 2,400 15 18 45 The goal of cyber exercises is to increase the ability of response, readiness, managing of incidents and training all the involved actors. The related output is a report that provides details of the cyber exercises results 2021 has been characterized by an outstanding performance due to extra commitment and taking advantage of synergies and on-site cross operative opportunities 135#137SCONFIGGERE LA POVERTA 8 LAVORO EIGN TOSE IMPRESE ECRESCITA IGENICO SANITARI ECONONICA INNOVATIONE ENFRASTRUTTURE BENESSERE ISTRUZIONE DEQUALITA PARTA 5 GENERE ACQUA PURED 6 SERVIZ SCOM NEERE SALUTEE Σ 10 ELE SUGUAGLIANZE UITTAY COMPLA 12 CONSUNDE RESPONSAB QO LOTTA CONTRO 13 CAMBIAMENTO CLIMATICO LA VITA 14 SOTTACOUR 15 SIALA TERRA LAVITA 16 ISTITUZION PACE GIUSTIZIA SOLIDE PARTNERSHIP PERGLIOBIETTIVE Diversity and inclusion Purpose and Actions Diversity and inclusion are essential factors in Enel approach to create long term value for all stakeholders Enel puts in place an organic set of actions aimed at: allowing expression of people uniqueness ensuring non discrimination, equal > opportunities, equal dignity, and inclusion of every person regardless to any form of diversity promoting cultural conditions for an inclusive and unbiased workplace that ensures a coherent mix of diversity in terms of skills, qualities and experiences that create value for people and business enel Global Diversity & Inclusion Policy Global Workplace harassment Policy Statement against harassment Targets Promotion of a systemic approach to the inclusion of people with disabilities Promotion of an intergenerational, intercultural and bias-free inclusion culture 1. Selection processes involving blue collars or similar technical roles and related to USA and Canada perimeter are not included as a result of local anti-discriminatory legislation which does not allow gender to be monitored in the recruiting phase Gender 2021 2024 Female 23.6 26.8 managers (%) Female middle managers (%) Women in selection processes¹ (%) 31.4 33.4 52.1 50 136#138SCONFIGGERE LA POVERTA SCOMEERE 555 SALUTEE PARTLA ACQUA PURI ISTRUZIONE BENESSERE 4 DI QUALITA 5 GENERE 6 ENERGIA PULITA FACCESSIBILE LAVORO DIGN TOSO 8 ECRESCITA ECONOMICA ICONICO SANITARI IMPRESE INNOVAZINE ESFRASTRUTTURE RIDURRE LE 10 GLANZE UITTAY COMPLA 12 CONSUNDE RESPONSAB Sustainability projects with communities Context analysis Identification of stakeholders Monitoring, evaluating and reporting ရှာ and of riske punities Analysis of t Creating Shared Value Strategy LOTTA CONTRO CLIMATICO 13 CAMBIAMENTO LAVITA LA VITA 14 SOTTACOUR 15 SIKLA TERRA Enel continues to promote CSV, in the long term, in line with three pillars: Making the value chains of the Business Lines sustainable Advancing equity through the business > to create equitable outcomes also through its inclusive business model Expanding the ecosystem of partnerships and collaborations PACE GRUSTIZIA 16 ISTRUZIONI SOLIDE PARTNERSHIP 17 PERGLIOBIETTIV enel Creating Shared Value process definition and management Policy Execution of the CSV Plan Definition of the CSV Plan 2021 2030 ISTRUCTINE Quality 3.0 5 education1 EACCESSWILL Affordable and clean energy1 13.2 20 Decent work, inclusive and 3.7 8 M sustainable economic growth¹ 137 Inclusive Business Model The CSV model includes the development of sustainable and inclusive products and services in order to meet needs of clients with vulnerability and disabilities LARODNOS OECRESCITA ECONENICA 1. Mn beneficiaries. Cumulated figures since 2015#139SCONFIGGERE SCOMEERE LA POVERTA 555 GENERE 6 ESERVIZ ACQUA PURED LAVORO EIGN TOSED IMPRESE 8 10 ELE ECRESCITA DISUGUAGLIANZE IGENICO SANITARI ECONONICA ESFRASTRUTTURE SALUTEE BENESSERE ISTRUZIONE DI QUALITA PARITA Σ UITTAY COMPLA CONSUMDE 12 PRODUZIONE RESPONSABILE QO LOTTA CONTRO 13 CAMERAMENTO CLIMATICO LAVITA 14 SOTTACOUR LA VITA 15 SIKLA TERRA PACE GRUSTIZIA 16 ISTRUZIONI SOLIDE PARTNERSHIP 17 PERGLIOBIETTIV Sustainable Supply Chain enel Enel promotes long-term partnerships with its suppliers, aiming at maximizing value creation in various forms: effectiveness, safety, time, quality, performance, revenue, flexibility, risk reduction and sustainability Qualification system Environmental impact It ensures the careful selection and assessment of companies I wishing to participate in procurement procedures. The Quantification system ensures the fulfillment of requirements, namely: eco-financial, legal, reputational, ethics, technical, health and safety, environmental Defining metrics and setting reduction targets is crucial to reach sustainability objectives for our Supply Chain. Metrics are mainly based on Environmental Product Declaration (EPD) for main categories or ISO Carbon Footprint certification EPD is the declaration validated by third party, according to international standards ISO 14040 and ISO 14025, with the purpose of quantifying and certifying impacts (CO2 emissions, water consumption, soil impact, recycled material, etc.) of the entire lifecycle of a supply 2021 2024 Qualified supplier assessed ¹ (%) 99 100 Supplies' value covered by ISO Carbon Footprint (CFP) certification2 (%) Supplies' value covered by ISO CFP certification or CFP estimation by international database (%) 2021 2024 47 75 58 95 1. For health & safety, environmental and human rights aspects. Rounded figures 12 2. The 80% of suppliers is also covered by EPD (Environmental Product Declaration) certifying CFP, environmental impacts and circular data. 138#140SCONFIGGERE LA POVERTA SCOMGEERE SSS 10 ELE SUGUAGLIANZE UITTAY COMPLA ENFRASTRUTTURE GENERE ACQUA PLIED 6 ESERV 8 LAVORO EIGN TOSE IMPRESE ECRESCITA INNOVATIONE IGENICO SANITARI ECONONICA SALUTEE BENESSERE ISTRUZIONE PARITA DE QUALITA ⑪+ Σ 12 CONSUNDE RESPONSAB LOTTA CONTRO 13 CAMBIAMENTO CLIMATICO Q LAVITA LA VITA 14 SOTTACOUR 15 SIKLA TERRA PACE GRUSTIZIA 16 ISTRUZIONI SOLIDE PARTNERSHIP 17 PERGLIOBIETTIV Health & safety Data driven performance evaluation Culture dissemination Safety on supplier management Health & Safety Management system is based on hazard identification, on qualitative and quantitative risk analysis. Certification of the whole Group according to ISO 45001 and relative implementation Data-driven approach based on digital tools, dashboard and analytics, used both for prevention and Consequence Management Focus on serious injuries (absence from work of more than 3 days) and dangerous events (High Potential) A specific function (SHE Factory) promotes the dissemination of a different cultural approach to Health, Safety, Environment issues by everyone Integration into the procurement processes. Suppliers are monitored both in qualification system, and in the contract execution phase through a control system (e.g. Supplier Performance Management (SPM), Contractor Safety Assessments, Evaluation Groups, operational controls in the field) 1. Number of accident with at least one day of absence from work / million worked hours. Number of accident with more than three days of absence from work / million worked hours.. 123 2. 3. enel Health & Safety Policy Extra checking on site Policy 2021 2024 Lost Time Injury Frequency Rate¹ 0.65 0.61 More than 3 days 0.43 0.37 Frequency Rate² High Potential Accident FR³ 0.09 0.08 An accident whose dynamic, independently from the damage, could have resulted in a Life Changing Accident or in a Fatal Accident 139#141SCONFIGGERE LA POVERTA SCOMEERE SALUTEE BENESSERE SSS ISTRUZIONE DI QUALITA PARITA GENERE 6 ESERVIZ ACQUA PURED ENERISA HOL LAVORO EIGN TOSED 8 ECRESCITA IMPRESE INNOVAZINE 10 SCAGLANZE RIDURRE LE UITTAY COMPLA CONSUNDE 12 13 CAMERAMENTO LOTTA CONTRO RESPONSAB CLIMATICO IGENICO SANITARI ECONOMICA ESFRASTRUTTURE 8 Environmental Sustainability Power Sales - Path towards full decarbonization by 2040 Scope 1 & 3 integrated power (gCO2eq/kWh) 367 c. -80% NEW 2030 TARGET 206 ≤130 ≤73 LAVITA 14 SOTTACOUR LA VITA 15 SIKLA TERRA PACE GRUSTIZIA 16 ISTRUZIONI SOLIDE PARTNERSHIP 17 PERGLIOBIETTIV enel Full Decarbonization from 2050 to 2040 Electricity sold to our customers 100% from renewable sources 2017 2021 2024 2030 2040 2050 1.5°C aligned. To apply for SBTi certification No use of carbon removal 140#142SCONFIGGERE SCOMEERE SALUTEE LA POVERTA BENESSERE SSS ISTRUZIONE DI QUALITA PARITA GENERE ACQUA PURED 6 ESERVIZ ENERISA HOL LAVORO EIGN TOSED 8 ECRESCITA IMPRESE INNOVAZINE 10 SCAGLANZE RIDURRE LE IGENICO SANITARI ECONOMICA ESFRASTRUTTURE UITTAY COMPLA CONSUNDE 12 13 CAMERAMENTO LOTTA CONTRO 14 SOTTACOUR LA VITA LAVITA 15 SIKLA TERRA RESPONSAB CLIMATICO PACE GRUSTIZIA 16 ISTRUZIONI SOLIDE PARTNERSHIP 17 PERGLIOBIETTIV Environmental Sustainability Gas sales Path towards full electrification by 2040 25.3 Scope 3 gas retail emissions (MtCO2) -55% 22.3 21.3 11.4 2030 TARGET UPGRADED Full Electrification from 2050 to 2040 enel Exit from gas retail business driven by electrification of consumption 2017 2021 2024 2030 2040 2050 Previous target 21.2 2°C SBTI certified 1.5°C aligned. To apply for SBTi certification No use of carbon removal 141#143SCONFIGGERE LA POVERTA SCOMEERE SALUTEE BENESSERE 555 ISTRUZIONE DI QUALITA PARITA GENERE ACQUA PULITA 8 LAVORO EIGN TOSE IMPRESE RENICO SANITARI ECRESCITA ECONOMICA 10 ELE DISUGUAGLIANZE ESFRASTRUTTURE B UITTAY COMPLA CONSUMDE 12 PRODUZIONE RESPONSABILE QO LOTTA CONTRO 13 CAMBIAMENTO CLIMATICO LAVITA LA VITA 14 SOTTACOUR 15 SIKLA TERRA PACE GRUSTIZIA 16 ISTRUZIONI SOLIDE PARTNERSHIP 17 PERGLIOBIETTIV Environmental Sustainability Pollutants and waste Air quality Pollutants Waste reduction Enel commitment to improving the air quality in areas where the Group operates is testified by the constant reduction of the main atmospheric pollutants associated with thermal production Sulphur dioxide (SO2) and Dust mainly associated to coal production, but also to Oil & Gas Nitrogen oxides (NOx) mainly associated to gas production Constant commitment towards reduction of waste production, as well as to the definition of new methods of reuse, recycling and recovery in the perspective of a circular economy enel Environmental Key Performance Policy 12 1. 2. Reduction vs baseline year 2017 2021 2024 2030 2021 2024 2030 SO2 Specific Emissions (g/kWh) -89% -93% -94% Dust Specific Emissions (g/kWh) -98% -98% -98% NOx Specific Waste² -56% Emissions (g/kWh) -65% -70% -87% -87% (Mt) 142 Target in line with 2030 Scope 1 emissions reduction target certified by SBTI It excludes demolition wastes from decommissioning of thermo power plants#144SCONFIGGERE LA POVERTA SCOM NEERE 555 SALUTEE BENESSERE ISTRUZIONE DI QUALITA PARITA GENERE ACQUA PURED 8 ICONICO SANITARI LAVORO EIGN TOSE ECRESCITA ECONOMICA IMPRESE 10 ELE UITTAY COMPLA DISUGUAGLIANZE ESFRASTRUTTURE 6 ESERV Environmental Sustainability Biodiversity 12 CONSUNDE RESPONSAB Q LOTTA CONTRO CAMBIAMENTO 14 SOTTACQUA LAVITA LAWITA 15 SULLA TERRA Enel is committed to apply the Mitigation Hierarchy principle to avoid and prevent negative impacts respecting the No Net Loss principle when building new infrastructures PACE GUSTIZIA 16 ISTRUZION SOLIDE PARTNERSHIP 17 PERGLIOBIETTIV enel Biodiversity Policy Risk Assessment Enel includes Biodiversity Risks Assessment to evaluate company-wide risk Action Plan Enel is committed to develop a Biodiversity Action Plan taking into account the specific aspects of local environments with conservation and a biomonitoring activities Targets 2021 Minimizing the impact of Enel sites on habitats and species included on the Red List of the IUCN 1 Adoption of quantitative biodiversity performance indicators for new infrastructure in line with the commitment to halt and reverse biodiversity loss by 20302 Biodiversity Management Guideline New indicators tested on generation and distribution technologies Participation to «Business for Nature Coalition>> and to SBTN's Corporate Engagement Program 1. International Union for Conservation of Nature 2024 2. CBD/COP/15/5/Add. 1 13 October 2021 Improving processes for risk assessment and biodiversity management Group indicators and biodiversity performance monitoring Increasing the partnership framework and stakeholder engagement 143#145SCONFIGGERE LA POVERTA SCOM NEERE 555 SALUTEE BENESSERE ISTRUZIONE DI QUALITA PARITA 8 LAVORO EIGN TOSE IMPRESE 10 ELE UITTAY COMPLA DISUGUAGLIANZE RENICO SANITARI ESFRASTRUTTURE GENERE ACQUA PULITA ECRESCITA ECONOMICA B Environmental Sustainability Water Water quality conservation Strategic goals CONSUMDE 12 PRODUZIONE RESPONSABILE QO LOTTA CONTRO 13 CAMBIAMENTO CLIMATICO LAVITA LA VITA 14 SOTTACOUR 15 SIKLA TERRA 16 ISTRUZIONI PACE GRUSTIZIA SOLIDE PARTNERSHIP 17 PERGLIOBIETTIV enel Enel applies an integrated approach for optimal management of use of water resources and their protection Downstream of internal recoveries and reuses, wastewater discharged from the plants is returned to the surface water body. Discharge always takes place downstream of a treatment process that removes any pollutants present to a level where they will not have a negative impact on the receiving water body, in compliance with the limits provided for under national regulations and by operating permits Environmental key performance indicators Policy Specific Water Requirement target is a ratio between a) all the water withdrawal quotas from surface and groundwater sources, by third parties, from the sea (except the quota of brine) and from wastewater used for processes and for closed-cycle cooling and b) the total production + heat Enel is constantly monitoring all its production sites located in water stressed areas in order to ensure that water resources can be managed efficiently Reduction vs baseline year 2017 2021 2030 Specific Water Requirement¹ (l/kWh) -52% -65% 1. It excludes new Green Hydrogen Production Plants 144#146SCONFIGGERE LAPOVERTA SCONFIAGERE LATANE SSS SALUTEE BENESSERE ISTRUZIONE DI QUALITA PARITA 5 GEMERE ACQUA PULITA 6 SERV RENICO SANITARI ENERGIA PULITA FACCESSIBILE Enel's main Policies 8 LAVORO DIGN TOSO IMPRESE ECRESCITA ECONOMICA INNOVAZIONE EINFRASTRUTTURE Σ 10LE SUGUAGLIANZE CITTA E COMUNITA ROSTENBILI CONSUMOF 12 PRODUZIONE RESPONSABILI QO LOTTA CONTRO 13 CAMERAMENTO CLIMATICO 14 LAVITA SOTTACQUA 15 SULLA TERRA LAWIA PACE GIUSTIZIA 16 ISTITUZION SOLIDE PARTNERSHIP PERGLIOBIETTIVI enel Human Right Policy (2013) Commitment to respect all Human Rights along entire value chain, with due regard for cultural, social and economic diversities, and requirement for all stakeholders Latest Update 2021 Code of Ethics (2002) Zero Tolerance of Corruption Plan (2006) Enel Global Compliance Program (2016) Model 231 (2002) Commitments on corporate conduct according to standards based on transparency and integrity towards stakeholders - 2002 2021 Commitment to fight corruption, in compliance with the 10th principle of the > Global Compact, which requires that business should work against all forms of corruption, including extortion and bribery 2017 Governance tool aimed at strengthening the Group's ethical and professional commitment to preventing illicits committed outside Italy Adoption of Legislative Decree 231/01 which introduced into Italian law a system of administrative and criminal liability for certain types of offenses Constantly updated 145#147Focus on Corporate Governance enel#148Corporate governance structure BoD's composition 89% 11% Independent Executive Nomination and Compensation Committee Board of Directors (9 members ¹) Shareholders' meeting Audit firm Board of Statutory Auditors (3 members) enel Control and Risk Committee Related Parties Committee Corporate Governance and Sustainability Committee 1. Out of which 3 Directors drawn from the slate filed by a group of mutual funds and other institutional investors 147#149Board nomination and election enel BoD's Members Slate voting system Gender balance Candidates' qualifications 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 148#150Board composition Board of Directors Chair enel Board of Directors' diversity Michele Crisostomo Francesco Starace Cesare Calari Costanza Esclapon de Villeneuve Samuel Leupold Alberto Marchi Mariana Mazzucato Mirella Pellegrini (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. (C) Nomination & Compensation C. Control & Risk C. Corp. Governance & Sust. C. Related Parties C. Control & Risk C. 22% Age diversity 45% Gender 44% diversity 56% 33% 49-53 54-57 58-67 22% Tenure diversity 11% Skill diversity 67% Male Female 9 3 5 1-3 years 4-6 years Energy sector Over 6 years + Anna Chiara Svelto Related Parties C. (C) Related Parties C. Nomination & Compensation C. (C) Chair ■ Executive ■ Independent Strategic view Accounting, Finance & Risk Management Legal & Corporate Governance Communication & Marketing 149 ■ Experience in International Context#151CEO 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 € enel Compensation at Maximum level Fixed compensation 1,520,000 € Fixed compensation Annual bonus 100% of fixed remuneration Long-term incentive 130% of fixed remuneration Total 5,016,000 € Fixed Paymix 30% 30% 40% Annual bonus LTI Annual bonus 150% of fixed remuneration Long-term incentive 280% of fixed remuneration Total 8,056,000 € Paymix 19% 28% 53% Fixed Annual bonus ■LTI 1. 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 150#152CEO's short-term variable remuneration1 enel Macro objective Objective Weight² Entry (50%) Target (100%) Over (150%) Type of target 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 management FFO/Consolidated 15% 24.22% net financial debt Safety Customer Satisfaction 24.46% 24.95% Financial Safety in the workplace 15% FI³ < 0.64 & FA 2020 target FI³ < 0.60 & FA 2020 target FI³ < 0.46 & FA42020 target ESG SAIDI 15% 255 min 252 min 247 min ESG 1. Management by objectives (MBO) 2021 2. (%) Weight in the variable remuneration 3. FI: Work-related accident Frequency Index 4. FA: Number of Fatal Accidents during 2021, except for road events. 2020 target was equal to 7 FA. 151#153Long-term variable remuneration1 100% of the base amount is assigned in Enel shares² Macro objective Objective Weight³ Target (130%)4 Performance TSR5 50% Enel's TSR = 100% of Index's TSR Profitability ROACE6 enel Over I (150%) Enel's TSR = 110% of Index's TSR Over II (280%)4 Enel's TSR ≥ 115% of Index's TSR Type of target Market 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% 2. 1. 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. 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 (%) Weight in the variable remuneration for the CEO/General Manager 3. 4. 100% at Target and 180% at Over II for the other beneficiaries of the LTI Plan 2021 = 45% = 47% ≥ 50% ESG 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 7. Renewable sources net consolidated installed capacity/Total net consolidated installed capacity at the end of 2023 152 8. 9. GHG Scope 1 emissions per kWh equivalent produced by the Group in 2023 At the end of 2023#154CEO remuneration Termination agreements 1. 2. Pro rata temporis rule 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 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 - 153 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 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#155Enel Group's listed companies (as of November 30, 2021) 64.9% 70.1% endesa enel 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% 75.7% Pehuenche 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 154#156Disclaimer 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. 155#157Investor 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 enel iOS Android e e Channels f in Ο You Tube e Website Enel.com 156