#1Investor Presentation June 2020 enel#2Agenda Investor Presentation – Strategic Plan 2020-22 Our positioning Sustainability = Value. Our delivery over time Our vision Our vision in numbers enel 2020-2022 Strategic plan Financial management & Sustainable finance De-risking long term targets Earnings & targets FY 2019 consolidated results Q1 2020 consolidated results Annexes#3Investor Presentation Strategic Plan 2020-22 enel#4Our positioning#5Our positioning A sustainable and fully integrated business model delivering value for shareholders EBITDA by business 18% 9% 26% 2019 17.9 €bn 46% 1. From Jan 1st 2015 to Dec 31st 2019 2. Socially Responsible Investors as of December 2019 1% X Total shareholder return 2015-20191 136% 46% enel SRI² 10.8% FTSE MIB enel 57% Euro Stoxx Utilities 4#6Our positioning 1. 2. 3. Enel's leadership in the new energy world 1st network operator1 World's largest player² in renewables Largest retail customer base worldwide³ H By number of end users. Publicly owned operators not included By installed capacity. Includes managed capacity for 3.7 GW Including customers of free and regulated power and gas markets enel # End users 74 mn Renewable capacity 46 GW # Customers 70 m n 5#7Sustainability = Value Our delivery over time#8Sustainability=Value A sustainable business model that has delivered growth and improved visibility EBITDA dynamics (€bn) CAPEX and financial KPIs evolution Traditional model Sustainable model CAGR 2012-15: -1.7% CAGR 2015-19: +4.5% 17.9 15.8 15.5 15.0 65% 20121 2014 Target achieved 1. FY 2012 restated in 2013 according to IAS 19 +27% enel ~10 €bn ~8 €bn 23% Other 35% 77% Asset development & customer 2015 2019 2015 2019 Net debt/ 2.5x 2.5x EBITDA Net income/ 19.1% 26.7% EBITDA 7#9Sustainability=Value We have focused our capital allocation on renewables... in Generation capex: 2015 vs 2019 34% 4.6 €bn 17% 5.1 €bn 66% 2015 2019 ~70% % Development Capex -80% 1. Excluding nuke (39.8 TWh in 2015 and 26.3 TWh in 2019) enel Renewable and Thermal Production (TWh) -17% 244 -36% 203 89 -49% 99 83% 1551 1031 2015 2019 ~40% % RES Capacity /Total -50% % RES Production/ Renewables Thermal generation 8 Total#10Sustainability=Value ...to become the world leader in renewables 2015 Installed capacity 37 GW 2019 Installed capacity¹ 46 GW Built capacity 1 GW Built capacity 3 GW EBITDA/CAPEX 11% 1. Including managed capacity by 3.7 GW EBITDA/CAPEX 11% >1.2k plants 31 Countries enel 9#11Sustainability=Value Grid expansion and digitalisation have driven efficiencies and created value Bogotá Ceará Lima Goiás Rio de Janeiro Sao Paulo Santiago Buenos Aires 11 Grids 2015 2019 enel End Users 61 mn End users 73 mn Smart meters 38.5 mn Smart meters 44.7 mn Smart meters 2.0 0 mn Smart meters 2.0 13.1 mn 2.2 mn Networks km ~43 €bn RAB Opex/End user 57 € Opex/End user 42.5 € 10#12Sustainability Value We focused on customers and platforms to seize future opportunities Energy sold (TWh) 1 Customers key metrics +19% 134 159 X New deployments enel 2015 2019 Charging points³ O k 80 k I h Demand Response 0 GW 6.3 GW 2015 2019 Power cust. (mn)1 ~12 ~17 Battery storage 0 MW 110 MW Gas cust. (mn) ~5 ~6 EBITDA² /Customer (€/cl) ~84 ~118 Established a leading position in new services and infrastructures 1. Retail free power market, excluding energy sold through PPA in Latin America. Regulated customers: 38.4mn in 2015 and 46.9mn in 2019 2. Calculated on Gas and Power free market 3. Private and public charging points 11#13Sustainability=Value A pervasive innovation and digitalisation process drives change in our organization 2017-19 Total investment¹ ~4.5 €bn 2017-19 Cumulated benefit² 1. Digitalization capex 2. EBITDA level < 2015 Pre-Digital strategy Platformisation process 2019 Full migration to cloud enel > 2020 Platform operating model · ~1.5 €bn Fragmented IT platforms No economies of scale 100% applications in Cloud Closing of 100% of data centers New business models Platformisation of existing businesses 12#14Sustainability Value Delivery on strategic pillars ✓ Industrial Growth EBITDA (€bn) enel Operational Efficiency Cost Savings (€bn) Active Portfolio Management Impact on Group Net Income (€bn) 17.9 17.0 1.4 0.3 1.1 0.2 2019 (Plan 2015-19) 2019 Plan 2015-19 Actual 2015-19 2019 (Plan 2015-19) 2019 RES capacity (GW) 41 461 Opex I&N (€/end user) 51.7 42.5 Asset Rotation³ ~5% -10% End users 65 (mn) 59 73 Opex Thermal² (k€/MW) 60.3 38.4 1. Including managed capacity for 3.7 GW 2. Plan 2015-19 pro forma, does not include large hydro 3. Asset rotated in the period on invested capital 13#15Sustainability Value Value creation and shareholders remuneration Value creation spread¹ (bps) 120 +250 370 enel Shareholder return - DPS (€/sh) +105% 0.328 0.28 ~0.24 0.18 0.16 MIN 0.21 0.28 0.32 DPS 2015 2019 2015 2016 2017 2018 2019 EPS 0.28 0.32 0.36 0.40 0.47 Target achieved 1. Calculated as the difference between ROIC and WACC 14#16Our vision#17Our vision Our strategy addresses dynamically the evolution of sector trends enel Decarbonisation Electrification AFFORDABLE AND CLEAN ENERGY AFFORDABLE AND CLEAN ENERGY X Enabling Infrastructure Ecosystems & Platforms 13 CLIMATE ACTION INDUSTRY, INNOVATION AND INFRASTRUCTURE 11 SUSTAINABLE CITIES AND COMMUNITIES 16#18Our vision Global outlook: decarbonisation through new renewable capacity and services Share of renewables on global capacity1 2018 Total capacity 7.2 TW 65% 31% 35% Demand Response (GW) Flexibility and storage² enel 200 3.5x 145 2040 Total capacity p 57 2020 2030 2040 15.5 TW 69% Storage (GW) Global renewable installed capacity 4x 1. Source: IEA WEO 2019 SDS Scenario 2. Source: BNEF NEO 2019, BNEF long term energy storage 1,095 45x 25 346 2020 2030 2040 17#19Our vision decarbonisation Global Power Generation: a new global business line to accelerate decarbonisation 20191 # sites Consolidated Capacity1 (GW) enel ~1,300 # people ~16,000 EBITDA 85 81 48 42 39 37 2015 2019 ~ 5.8 €bn 89 87 54 Accelerate and facilitate the decarbonisation path Consolidated Production¹ (TWh) 244 203 155 143 103 99 33 2022 223 80 2015 2019 2022 Total Thermal generation Renewables 1. Excluding nuclear and managed capacity. Nuclear EBITDA in 2019E c.500 €mn. Extract synergies and maximize return on investments Enhance transition technologies Optimize workforce skillset 18#20Our vision decarbonisation Phasing out of coal production over the plan period and beyond... Coal production (TWh) enel 92.0 64.4 37.6 74% 16.9 10.4 Н Н # 2012 2018 2019 2022 2024 0-2 2030 Coal on total 19 p.p. 31.1% 25.7% 16.4% 6.8% 3.9% <1% production (%) Coal capacity (GW) 17.6 15.8 11.7 6.6 61% =4 3.1 <2 19#21Our vision decarbonisation ...with an accelerated renewables deployment enel 2020-22 GROWTH CLUSTERS GW Target of capacity to be added (GW) Fleet decarbonisation in Italy, Spain and Chile 5.4 1.8x Development through PPA mainly in Brazil 5.1 and US Other developments in countries of presence / new markets 1.1 14.1 11.6 7.8 Development in new markets through JVs 2.5 2018-20 Plan 2019-21 Plan 2020-22 Plan TOTAL 14.1 Target achieved 20 20#22Our vision decarbonisation Further acceleration of renewable additions fueled by organic development Additional capacity evolution: 2019-21 vs 2020-22 plan +22% enel Renewable capacity evolution (GW) +31% Total capacity 45.9 45.7 59.8 (2.2) 5.6 14.1 3.7 3.4 54.2 2.6 (1.8) 1.7 11.6 42.3 42.2 +28% 14.1 FY 2019 Old plan 2019-21 BSO JVs Organic I New plan 2020-22 2019E Additional Portfolio 2022 capacity rotation 21 24#23Our vision decarbonisation The largest and most diversified pipeline of the industry is fueling future growth ambitions Renewables pipeline (GW) As of October 2019 90.0 58.6 31.4 GW 2.1 3.6 6.1 56% 31.4 GW 43% enel Breakdown by technology As of December 2019 52% 47% 40.0 GW 19.6 Wind Solar Gross Pipeline Early stage COD 2025 COD 2024 COD 2023 and beyond COD Hydro 2020-22 22 22#24Our vision decarbonisation High level visibility on deployment goals 2020-22 Renewables growth¹: addressed share vs pipeline² (GW) 14.1 2020 100% Coverage by year 2021 69% 2022 35% 65% addressed 9.1 40.0 GW enel 23.0 Beyond 2022 2020-22 pipeline ~ 3.4x Residual target Pipeline 17.0 2020-22 Residual target 5.0 Target additional capacity Addressed Residual target Pipeline 1. Including managed capacity 2. As of March 2020 ~ 8.0x 23#25Our vision decarbonisation Strategy strongly supports our path towards full decarbonisation by 2050 Scope 1 & Scope 3 CO2 emissions evolution Scope 11 (g CO2/kWh) Scope 32 (Mton CO2) -70% 465 411 296 254 SCIENCE BASED TARGETS DRIVING AMBITIOUS CORPORATE CLIMATE ACTION 2007 2017 2019 2020 Previous SBTi target 350 SCIENCE BASED TARGETS DRIVING AMBITIOUS CORPORATE CLIMATE ACTION 16% indirect emissions reduction 125 enel FULL decarbonisation BY 2050 2030 2050 13 CLIMATE ACTION ✓ Target achieved 24 1. 2. Scope 1 by 2030, consistent with the Well Below 2C pathway of the Science Based Target Initiative and the IEA B2DS scenario Scope 3 related to gas retail activities by 2030, consistent with the 2C pathway of the Science Based Target Initiative#26Our vision Global outlook: electricity is winning the energy battle Share of electricity on total final energy consumption¹ ('000 TWh) 23 +11.5 enel End use avg. investments needed for electrification (USD Tn/year) 34.6 + 1 bn electric cars ~2.5x 24% 43% + 2.8 bn air cond. + 2 bn heat pumps 2018 ~4x Europe 2040 1. Useful energy - Source: IEA WEO 2019 SDS and IEA Future of Cooling ~2x 1.9 1.0 0.4 2018 2019-30 2031-2040 25#27Our vision Electrification M Retail will position ahead of electrification trends, paving the way for further growth (mn) Power customers enel Power volumes sold Unitary consumption (TWh) (MWh/client) Developed markets (Europe) 28.6 17.2 +67% +23% -26% 195 9.2 159 6.8 2019 2022 2019 2022 2019 2022 Developing economies +9% (Latin America) 26.7 29.2 +21% 143 118 +11% 4.4 4.9 2019 2022 2019 2022 2019 2022 26 Free Power Market Regulated Power Market#28Our vision Ecosystems & Platforms 11 ABE New services enable decarbonisation and electrification of consumption Decarbonisation through new services Demand Response (GW) 1.6x 10.1 Enabling electrification Storage (MW) Charging points¹ (k) 4.0x 439 8.9x 736 enel Revenues from Electrification services (Єmn) 2.2x 536 6.3 80 242 110 2019 2022 2019 2022 2019 2022 2019 2022 1. Public and private charging points 27#29Our vision Global outlook: networks as the backbone of a sustainable electric system Energy system evolution enel Average yearly investments in networks (USD bn)¹ TSO 下 Wind/PV Aggregator 費 DSO Prosumer Prosumer Prosumer DSO TSO Microgrids 下興 Wind/PV DSO role stands out as pivotal in the transition: a key enabler and a unique value creation opportunity 1. Source: World Energy Investment and WEO 2. Internal elaborations on WEO data. 270 2010-2018 +85% 500 2019-2040 Average investments in smart meters and grids (USD bn)2 ~2x 60 33 2018 2040 28#30Our vision enel Enabling Infrastructure 9 Development of Infrastructure and Networks centered on digitalisation, quality and efficiency Digitalisation Smart meters 2.0 (mn) >2x Quality of service Efficiency SAIFI1 (n) Opex/End user (€) -9% -16% 13.1 2019 Smart meters (mn) ~45 28.8 3.2 42.5 2.9 35.6 2022 2019 2022 2019 20222 ~47 Calculated as weighted average on end users 1. 2. In real terms 29 29#31Towards a platform company Global Activities Our vision Physical assets Digital layer Distribution % Asset Operator Asset Owner Buy Unique database & Network Digital Twin Sell 枝 Customer Management Back End Front End Retail nel Products Customers Standardized Back Office Suppliers & partners Cities Customer identity Enel X enel Prosumers Assets (e.g. charging stations) 30 30#32Our vision A fully sustainable capex plan Total gross capex by business and by nature 2020-22 4% 41% 6.5 4% 7% 28.7 €bn 5.0 Networks Retail 44% ■Conventional generation 13 CLIMATE ACTION enel Asset development by business 2020-22 66% 28.7 €bn 27% 17.2 €bn 17.2 Asset development Enel X EGP Customers Asset management AFFORDABLE AND CLEAN ENERGY 9STRY INDIATION ANDINFRASTRUCTURE SUSTAINABLE CITIES AND COMMUNITIES A 3% 4% ■Networks Enel X Conventional generation EGP ~ 95% of capex SDGs related 31#33Our vision Sustainable, profitable, digitalised and customer enel centric 2015 2019 2022 Renewables focus Owned RES capacity/Total capacity1 41% 50% 60% CO₂ Footprint Specific CO2 emissions g/kWh 409 296 220 Coal power plants Networks end users mn Smart meters 2.0 mn Retail customers Demand response GW Charging points '000 19 12 7 61 73 75 13.1 28.8 mn in the free market² 17 23 35 6.3 10.1 80 736 1. Including nuke 2. Power and gas 32 32#34Our vision Purpose driven strategy promotes sustainable value creation for shareholders Value creation spread¹ (bps) enel Shareholder return - DPS (€/sh) 440 370 +28% CAGR 2019-22 0.42 + 8.6% 0.40 0.37 0.328 Min DPS 0.32 0.35 0.37 0.40 +7.7% 2019 2020 2021 2022 2019 2022 EPS 0.47 0.53 0.57 0.60 1. Calculated as the difference between ROIC and WACC 33 33#352020-2022 Strategic Plan#362020-22 Strategic Plan Strategic plan at a glance Cumulated organic capex1 vs previous plan (Єbn) +11% EBITDA (€bn) +12% 28.7 25.9 2019-21 2020-22 Net Income (bn) +27% 20.1 17.9 2019 2022 Net Debt (€bn) +5% 6.1 47.3 45.2 4.8 enel 2019 2022 2019 2022 35 1. 2019-21 net of capex associated with BSO#372020-22 Strategic Plan Focus on profitability, value creation and balance sheet 19% 2015 Profitability +300 bps Return on invested capital +200 bps enel Credit metrics +400 bps 30% 29% 10.2% 27% 9.6% 25% 26% 8.2% 2019 2022 2015 ◉ Net income/EBITDA 7% 2019 5.9% ■ ROIC WACC 5.8% 2022 2015 2.5x 2019 2.5x 2022 FFO/Net Debt Net debt/EBITDA 2.3x 36#382020-2022 Our vision in numbers#39Our vision in numbers Organic capex up by 11% to pursue strategic vision Organic capex by GBL1: 2019-21 vs 2020-22 (€bn) 25.9 +2.8 enel €bn Decarbonisation 14.4 28.7 2.3 Electrification 1.2 2.4 11.8 11.1 Enabling Infrastructure 11.8 12.5 10.0 2.5 1.9 2020-22 2019-21 ■Conventional generation EGP Networks Retail & Enel X 1. 2019-21 net of capex associated with BSO. Total organic capex 2020-22 include 200€mn related to other. Ecosystems & Platforms 1.1 X 38#40Our vision in numbers Sound EBITDA growth reflecting strategic priorities... enel Cumulated EBITDA (€bn) +3% EBITDA evolution 2019-22 (€bn) +13% 0.4 (0.5) 0.7 0.4 FY 2019 20.1 0.1 1.3 17.9 17.8 58.0 56.1 || II 2019-211 2020-22 EBITDA 2019E | EGP Conventional Retail generation Networks Enel X Perimeter EBITDA 20222 1. 2019-21 Proforma to include IFRS 16 2. EBITDA 2022 includes -100 €mn related to Holding Decarbonisation Electrification Enablers & Platforms 39#41Our vision in numbers ...supported by ongoing delivery and focus on efficiencies FY 2019 8.5 8.5 Opex evolution (€bn) -9% 0.5 (0.1) (1.2) 7.7 enel Efficiencies by business 26% 5% 31% 2019E CPI & Forex Growth & Perimeter Efficiency 2022 32% Net operating expenses on gross margin 28% 1.2 €bn 38% 40 40#42Our vision in numbers decarbonisation Profitability of generation enhanced by decarbonisation Global Power Generation EBITDA (€bn) FY 2019 6.2 +23% 2019 2022 Main KPIs¹ enel 2019 2022 7.6 6.2 0.5 Nuke 0.5 Total Production (TWh) 229 249 Gross Margin/MWh (k€/MWh) 41 44 44 7.1 Total Capacity (GW) OPEX/MW 84 91 39 (€/MW)² 33 5.7 RES on total EBITDA/MW 50% 60% 73 84 capacity (k€/MW) 2019E 2022 1. Excluding managed capacity. 2. 2022 in real terms 41#43Our vision in numbers decarbonisation Conventional generation focuses on flexibility and efficiencies enel Gross capex 2019-21 vs 2020-22 (€bn) -24% 2.5 0.6 1.9 0.7 1.9 1.2 2019-21 2020-22 100% earmarked 2019-22 EBITDA evolution (€bn) +6% for development beyond 2022 FY 2019 0.2 1.6 (0.1) (0.4) 0.3 0.1 1.7 1.6 I Asset development Asset management 1. 2022 in real terms 2019E FX Coal margins Nuke Efficiencies Regulated margins 2022 revenues 37.4 EBITDA/MW (k€/MW) 38.4 OPEX/MW (k€/MW) 46.1 35.71 42#44Our vision in numbers decarbonisation Renewable capex tailored to maximise economic value of decarbonisation enel Capex EBITDA/Capex IRR-WACC spread GROWTH CLUSTERS GW (€bn) (%) (bps) Fleet decarbonisation in Italy, Spain and 5.4 5.6 12-13% >200 Chile Development through PPA mainly in Brazil 5.1 4.7 12-13% -200 and US Other developments in countries of presence / new markets 1.1 1.2 14-15% ~150 Development in new markets through JVs1 1. Capex associated to JVs excluded from the total capex 2.5 TOTAL 2020-22 14.1 11.5 43#45Our vision in numbers decarbonisation Renewable capex to maximise economic value of decarbonisation enel Renewables asset development capex 2020-22 (€bn) 6% 2019-22 EBITDA evolution (€bn) FY 2019 1.3 39% 4.6 11.5 €bn 4.6 55% +28% 5.9 Asset development capex 11.5 2019E Asset development Asset management 2022 Asset management capex 1.0 44#46Our vision in numbers 1. decarbonisation Higher share of organic capex increases EBITDA evolution 10.6 1.6 BSO 9.0 Old plan 2019-21 0.9 Net of BSO Asset development capex evolution (€bn) (1.6) BSO +8% +28% Capex/MW (Єmn/MW) 2.5 11.5 Cumulated EBITDA growth (€bn) 1.8 (0.1) +33% enel 0.7 2.4 Organic New plan 2020-22 Old plan 2019-211 BSO fee Organic New plan 2020-22 0.9 12% EBITDA/Capex ~13% 110 EBITDA/MW (k€/MW) 115 45#47Our vision in numbers M Electrification Retail EBITDA growth due to platformisation and related activities Retail gross capex 2020-22 (€bn) 41% FY 2019 3.3 3.2 2019-22 EBITDA evolution (€bn) +13% enel +13% FY 2019 3.6 3.6 3.3 3.2 0.4 0.3 0.8 0.6 1.2 €bn 82% 68% 80% Free market 2.2 2.3 59% 20% Regulated 32% 18% 2019E 2022 2019E 2022 ■ СТА Platform 118 EBITDA/cust. (€/cl)1 84 Italy Iberia Latin America ■ROE 23 Customers (mn) 1 35 46 1. Free market power and gas#48Our vision in numbers 2. 123 9 Enabling Infrastructure Networks capex focused on quality and efficiencies enel Networks gross capex 2020-22 (€bn) RAB (€bn) Operating performance 2019 2022 5% 13% 27% ~45 ~ 43 11.8 €bn Opex/end user (€/cust) 42.5 35.61 ~12 ~14 5% SAIFI² (n) 3.2 2.9 50% -31 -31 ■ Smart Meters Quality & Efficiency Quality index³ (%) +160 bps vs 2019E 2019 2022 ■ Platforms ■ Connections ■ Other ■ Europe Latin America In real terms Calculated as weighted average on end users Quality on services rewards/penalties and losses reduction economic impact on gross margin 47#49Our vision in numbers 9 Enabling Infrastructure Infrastructure & networks set to improve cash generation 2019-22 EBITDA evolution (€bn) +9% FY 2019 8.2 0.4 (0.1) 0.3 0.1 8.9 8.2 enel FFO-CAPEX² (€bn) +5% 7.7 7.3 2019E Argentina Connections Tariffs, Efficiency Volumes FX1 2022 2019-21 2020-22 & Quality Capex (€bn) 11.1 11.8 48 1. Excluding Argentina 2. Including not unbundled activities in Latin America#50Our vision in numbers Ecosystems & Platforms 11 AB Enel X will capture new opportunities with customers enel Gross Capex 2020-22 FY 2019 42% 58% 1.1 €bn 0.2 0.1 2019-22 EBITDA evolution (€bn) 0.1 5x 0.3 0.5 ■ Enabling businesses 2019E Enabling businesses Scale-up businesses 2022 ■Scale-up business 49#51Our vision in numbers ~12% of 2020-2022 capex to generate 2 800€mn enel EBITDA post 2022 2020-2022 Investments (€bn) 28.7 25.2 Gross Capex Yearly EBITDA impact post 2022 (€mn) 3.5 ~2.4 Decarbonisation ~650 ~1.1 Enabling infrastructure ~150 Capex generating Capex generating EBITDA by 2022 EBITDA post 2022 Total yearly EBITDA impact at regime ~800 50#522020-2022 Financial management & Sustainable finance#53Financial management Debt evolution reflecting capital allocation dynamics enel FY 2019 45.2 Net debt evolution (€bn) +1.4 ~45.9 ~46.8 ~47.3 ~47.3 42.1 Source of funds allocation 2020-22 (€bn) 1.4 (28.7) (14.7) 2019E 2020 2021 2022 Sources of funds Incremental Debt Gross capex Dividends 52#54Financial management Improving credit metrics Credit metrics Long term credit rating enel Rating Outlook 29% 25% 26% 26% 27% Standard & Poors BBB+ Stable 2.5x 2.5x 2.5x 2.4x 2.3x Moody's Baa2 Positive Fitch A- Stable 2015 2019 2020 2021 2022 Net debt/EBITDA - FFO/Net debt 53#551. Financial management Continued reduction in cost of debt Financial strategy for 2020-22 (€bn) Cost of debt evolution (2019-22) enel Amount Expected Current total cost¹ 4.6% cost 4.5% 4.4% 4.4% Bond refinancing 5.5 1.7% 3.7% (40) I i bps I (40) Bank loans and other financing bps 4.1 0.9% 2.8% (50) bps (70) I bps 4.2% FY 2019 4.0% Hybrid refinancing 1.1 2.6% 5.8% 3.9% 4.1% 3.8% Emerging markets 3.1 6.7% 6.7% 2019 2020 2021 2022 Total 13.8 2.7% 4.2% Cost of debt New Plan Cost of debt Old Plan Net Financial Expenses 2.3 2.3 2.3 2.2 Enel estimates on current cost associated with financial instruments 54#56Financial management Our journey to Sustainable Finance... Path to SDG bonds Cost of issuance discount Plain Vanilla Bonds No focus on sustainability Our SDG bonds Size Maturity ΚΡΙ enel USD Issue 1.5 $bn 2024 20%2 10% 1 SDG Bonds Green Bonds 55%³ Res. Capacity AFFORDABLE AND CLEAN ENERGY AFFORDABLE AND 2.0 €bn 2024/27 55%³ Res. Capacity CLEAN ENERGY EUR Focus on specific projects Focus on sustainable strategy Issue CLIMATE 13 ACTION 125 0.5 €bn 2034 gCO2/kWh4 1. Green Bond issuance dated 21st January, 2019 2. SDG Linked Bond issuance dated 10th October, 2019 345 3.9 €bn 3.6x covered - 7 yrs weighted avg. maturity Weighted average coupon: 0.4% 5 Percentage of consolidated renewable capacity on total capacity at 2021 55 Reduction of Scope 1 GHG emissions 70% per kWh by 2030 from a 2017 base-year. Including CCIRS on US dollar coupon into euros#57Financial management ...will support cost of debt reduction throughout the period enel 78% Sustainable Finance evolution (2019-2030) 22% 2019 57% 23% 43% 2022 2030 77% Sustainable sources Traditional sources Expected impact on cost of debt -15 bps -5 bps -15 bps Brown Kd SDG Kd 1 notch upgrade 2 notch upgrade Sustainability Kd Credit upgrade worth from 5 to 20 bps 56#58De-risking long term targets#59De-risking our long term targets 2020-22 EBITDA centered on sustainable businesses enel and benefitting from improved risk profile Cumulated EBITDA evolution (€bn) (0.9) (0.5) 0.4 56 EBITDA Argentina 2019-21 Coal 0.8 2.2 58 Efficiencies Contracted Free market EBITDA generation & services & secured volumes Cumulated EBITDA 2020-22 80% 58 €bn 20% Contracted & regulated activities 2020-22 Merchant 58#60De-risking our long term targets Operating deployment: renewables' contribution to growth secured across the board enel Development secured Additional Capacity 2020-22 (GW) 14.1 2020-22 Production secured Variance in renewable production 2020-2022 75% Gap to target (GW) 5.0 2020-22 ~390 TWh 25% ~45% 2020-22 pipeline Sold ~3.4x Residual target Hedge w/retail portfolio¹ Upside/ Downside Netting Total 7% Total Production @ Opportunity/Risk 4% 59 1. Volumes to be sold forward in year n-1 (%)#61De-risking our long term targets Operating deployment: over 90% of generation energy margin covered by sales to customer base Integrated margin¹ – energy margin vs retail margin Production1 (%) 67 20 33 enel Hedging position on price driven production +13% Hedging of CDS-CSS Pool price indexed Ren & Nuke hedged price vs 2018 +19% Coal & Gas 7% based on scenario/market Large customers Retail margin vs 2018 = = Renewables + Nuke Natural hedging with Small and medium 93% Generation 1. Average 2020-21, Italy and Iberia. retail portfolio customers -100% 69% Retail 2020 2021 60 60#62De-risking our long term targets Currency exposure: a low bottom line impact from volatile currencies enel 2020-22 EBITDA by currency 61% Cumulated impact 2020-221 (€bn) EBITDA Group NI 11% BRL (0.69) 0.84 (0.21) 0.24 ARS (0.12) 0.15 (0.03) 0.06 58 €bn 28% CLP (0.06) 0.09 (0.00) 0.00 Other (0.39) 0.48 (0.06) 0.09 ■ EUR ■ USD ■ Latin America Total (2.2%)-2.7% (1.8%)-2.2% 1. Sensitivity based on +/-10% USD/LOC (EUR/USD @Plan). Rounded figures -10% +10% 61#63De-risking our long term targets enel Excellent credit quality and well distributed maturities Net Debt/EBITDA of top European Utilities¹ Liquidity and debt maturity by year (€bn) 2. 123 2.5x 4.4x 2019 3.3x 22.7 12.2% 5.7% 10.2% 2.3x 17.73 5.6 6.4 3.6 2.1 2022 Available 2020 liquidity² 2021 2022 New plan Last 3 yrs 2020-22 ■ Enel Average Peers Yearly refinancing on average gross debt 7.5% 19.2% Maturities/Gross Debt Short term The panel includes integrated European Utilities (EDP, Iberdrola, EDF, E.on, Innogy, Engie, Naturgy). Source: Bloomberg estimates @ 04/03/2020 As of March 31st, 2020 Includes the short term debt. 62 62#642020-2022 Earnings & Targets#65Earnings and targets Sustainable strategy delivers earnings growth of 27% enel Group net ordinary income (€bn) +27% Steady operational growth driving net income performance 5.4 4.8 2019 Old Plan 5.8 5.6 6.1 Sustainable finance and managerial actions granting adequate and cheap funding 2020 2021 2022 Active portfolio management to simplify the structure while improving value creation and risk profile 64#66Earnings and targets Visible value creation for our shareholders enel 2019-22 Earnings growth 2019 2020 2021 2022 CAGR Ordinary EBITDA (€bn) 17.9 18.6 19.4 20.1 +3.9% Net ordinary income (€bn) 4.8 5.4 5.8 6.1 +8.3% Value creation 2019-22 CAGR Pay-out ratio 70% 70% 70% 70% Implicit DPS (€/sh) 0.328 0.37 0.40 0.42 +8.6% Minimum guaranteed DPS (€) 0.32 0.35 0.37 0.40 +7.7% 65#67Closing remarks#68Closing remarks Accelerating decarbonisation through renewables growth and coal phase out Future proofing operations ahead of electrification of consumption Solid balance sheet with ample liquidity Sustainable value creation for all stakeholders Significant growth opportunities beyond the plan enel 67#69FY 2019 Consolidated results#70Full Year 2019 Consolidated results March, 19 2020 enel#71COVID-19 Business continuity management and risks assessment Francesco Starace CEO enel#72COVID-19 Business continuity management: our people Remote working trends % of employees on remote working +13x 52% Remote working: c.35,300 total number of people 14,700 6,300 enel ROW: 14,300 4% Pre COVID19 Post COVID19 outbreak outbreak # of simultaneous VPN accesses (k) 3.7 +7x 27.2 Crisis management: Global Task Force set up in February 2020, established also at country level with currently 17 local task forces Personnel protection: optimization of work scheduling, extension of PPE use and monitoring of health conditions External suppliers: request to adopt same protection measures activated by Enel Pre COVID19 outbreak¹ Post COVID19 outbreak² 1. As of February 24th, 2020; 2. As of March 18th, 2020 71#73COVID-19 Business continuity management: our assets ✓ 100% remote operational management of renewable assets, 100% remote monitoring of conventional generation Optimization of power plants operation schemes and rescheduling of maintenance activities guaranteeing business continuity c. 45 mn smart meters, 205k switchgears, 2,200 primary substations and 135k secondary substations remotely controlled Operations can be transferred between operating and back up centers ensuring the reliability of the network ✓ enel Complete remote management of all the activities, including call centers Customer interactions through digital channels only Robot process automation to minimize front-end and back-end disruption Digital native business Management and deployment of activities remotely controlled in full 100% IT portfolio core applications on cloud provide full accessibility from everywhere and scalability 72#74COVID-19 Risk assessment: strategic deployment not affected, resilient business set up Macroeconomic Risks GDP & Commodities: ✓ 80% contracted and regulated activities protect earnings from macro economic cycle Energy margin fully covered in 2020 FX: 10% simultaneous devaluation of local currencies against euro translates into max c.2% negative impact on earnings Business Risks Prices: 2020 production sold forward: Latin America 100%, Europe >80% Renewables: no material disruption in supply chain, so far deployment in line with target Distribution: minor delays in smart meter installation Retail: well diversified and resilient customer base Cost efficiencies: benefits from large scale remote working and restriction in travels enel Financial Risks Strong coverage and leverage ratios set to improve over the 2020-22 period Limited re-financing needs in the plan period Liquidity to cover 1.9x debt to mature by 2022 73#75Full Year 2019 Consolidated results Francesco Starace CEO enel#76Key highlights of the year Strong financial results Push on decarbonisation Grid digitalisation Free market growth +11% EBITDA +17% Net Income +3 GW Renewables - 4.1 GW Coal +5.9 mn Smart meters 2.0 +1.2 mn Customers enel Rating improvements Fitch A- Moody's Baa2/+ MSCIAAA CDP A 75 15#77Delivering on a fully sustainable capex plan Capex increased by 17% yoy 8% 5% 3% Capex by business and by nature 2% 18% 43% enel Capex asset development by business 2% 28% 39% FY 2019 10 €bn FY 2019 10 €bn 23% 59% FY 2019 5.9 €bn 68% Networks Retail ■ Enel X ■Conventional EGP Other generation Asset development Customers ■Asset management 13 CLIMATE 7 AFFORDABLE AND ACTION QNDUSTRY INNOVATION CLEAN ENERGY AND INFRASTRUCTURE 11 SUSTABLECITIES AND COMMUNITIES ■Networks Enel X Conventional generation EGP More than 90% of capex SDGs related 76#78Decarbonisation CLEAN ENERGY 13 ACTION CLIMATE Global Power Generation A single business line to enhance opportunities of the energy transition enel Installed capacity and production evolution in 20191 (GW) Emission free share of production² 51% emission free 57% emission free 235 86.5 84.8 213 127 43.1 - 4.2 GW -10% 38.9 103 FY 2018 260 TWh FY 2019 239 TWh 108 43.4 +2.5 GW3 +6% 45.9 110 FY 2018 Renewables FY 2019 2017 2018 2019 20304 Thermal Generation CO2 emissions (g CO2/kWh) 411 369 296 125 Production (TWh) 1. Rounded figures. Includes renewable managed capacity (4.2 GW in FY2018; 3.7 GW in FY 2019). Does not include nuclear (-3.3GW capacity; production of 24 TWh in FY2018 and 26 TWh in FY2019). 2. 3. Net of asset rotation activities 4. Emission free production includes nuclear generation and production from managed 77 capacity (9.1 TWh in FY2018 and 10.2 TWh in FY2019) Target certified by the Science Based Target initiative (SBTI)#79Decarbonisation CLEAN ENERGY Renewables capacity evolution Continued delivery on renewable growth with more than 3,000 MW built enel Total capacity 43.4 Managed capacity 4.2 Consolidated capacity 39.2 Renewable capacity evolution 2019 (GW) 3.0 0.1 0.7 (1.3) 45.9 (0.7) 3.7 0.7 2.9 (0.6) 42.2 FY 2018 Built capacity Acquisition Disposal FY 2019 Capacity delivery: set new record with more than 3,000 MW built c. 2,400 MW added only in Q4 2019 2020 additional capacity: 4,000 MW ~100% already addressed 78#80Decarbonisation AFFORDABLE AND CLEAN ENERGY O High level visibility on deployment goals 2020-22 Renewables growth¹: addressed share vs pipeline² (GW) 14.1 2020 100% Coverage by year 2021 63% 2022 35% 62% addressed 8.8 enel 35.9 GW Pipeline 35.9 GW ~6.8x Residual target 16.2 Beyond 2022 19.7 2020-22 2020-22 pipeline ~3.7x Residual target 5.3 Target additional capacity Addressed Residual target Pipeline 1. Includes managed capacity 2. As of December 2019 79#81Decarbonisation 1. 2. CLEAN ENERGY Focus on coal phase out Acceleration of decarbonisation with coal capacity down by 4.1 GW Coal production (TWh) Coal production on total¹ -42% Coal capacity (GW) Coal capacity on total¹ -26% enel Coal production almost halved in 2019 64.4 37.6 25.7% 16.4% 18.5% FY 2018 FY 2019 Does not include managed capacity and production Reftinskaya, Tarapacà, Bastardo and Alcudia 15.8 11.7 4.1 GW of coal capacity (4 power plants)2 reduction in 2019 Revenues from coal c.3.5% on total EBITDA from coal c.2% on total 13.9% FY 2018 FY 2019 4.3 €bn impairment 80#82Electrification CLEAN ENERGY Retail Progressive shift towards more profitable free markets (mn) Free markets +1.2 (mn) Total power customers 16.0 17.2 65.4 64.1 16.0 17.2 2.2 1.7 5.8 5.7 49.4 46.9 8.6 9.2 FY 2018 FY 2019 FY 2018 FY 2019 Italy Iberia ■ROE Free markets Regulated markets enel Free market customers up by 1.2 mn driven by Italy End of Italian regulated tariff: 2021 for SME, 2022 for retail +200k regulated customers in Latin America reaching 26.7 mn 81#83QNDUSTRINOMATION AND INFRASTRUCTURE Enabling Infrastructure Networks Continued effort on grid digitalisation with meters 2.0 almost doubled Electricity distributed (TWh) +4% 504 484 Smart meter 2.0 (mn)1 7.2 +82% 13.1 FY 2018 FY 2019 FY 2018 FY 2019 SAIFI (n.) 3.4 3.2 End users (mn) 72.9 73.3 Total Smart SAIDI (min.) 312 294 43.8 44.7 Meters (mn) 1. FY 2018 restated enel +5.9 mn smart meters 2.0 installed ~30% smart meters 2.0 on total Fully digitalized end users higher than 60% 82#8411 SUSTAMABLE CITIES AND CONVUMITIES A Ecosystems and Platforms enel Enel X Development ramp up of our value added services New energy services Demand Response (GW) +2% Storage (MW) +57% Infrastructure deployment 6.2 6.3 70 70 FY 2018 FY 2019 FY 2018 MW awarded 1. in 2019 5.3 Public and private charging points 110 FY 2019 до × FY 2018 FY 2019 +63% Charging points¹ (k) 49 49 80 Public lighting -4% 2.5 2.4 (mn points) Fiber deployment (Households passed mn) +55% 5.1 7.9 83#85Shareholder remuneration +18% EPS (€/sh) +33% +17% DPS (€/sh) +32% enel 0.53 0.37 0.47 0.328 0.40 0.28 2018 2019 2020 2018 2019 2020 Min. guaranteed 0.28 DPS 0.32 0.35 84#86Full Year 2019 Financial results Alberto De Paoli CFO enel#87Financial highlights (€mn) EBITDA1 Net Income¹ FFO Net Debt 17,905 4,767 11,630 45,175 +11% +17% +5% +10% FY 2018 16,158 4,060 11,075 41,0892 1. Ordinary figures 2. As of December 31st 2018. IFRS 16 impact from January 1st, 2019 enel 86#881. Ordinary EBITDA evolution1 Performance supported by our sustainable and integrated business model enel EBITDA evolution (€bn) +11% Ordinary EBITDA by GBL 1% 18% 0.8 0.0 0.1 46% 0.2 0.1 0.5 17.9 9% 17.9 €bn (11% yoy) 16.2 26% 0.6 -0.9 EBITDA 2018E EGP Conventional generation Retail Networks Enel X Services&Other EBITDA 2019 Decarbonisation Electrification Enablers & Platforms Networks Retail ■Conventional generation Enel X EGP Excludes extraordinary items in FY 2018 (+128 €mn Rete Gas Earn Out and +65 €mn EF Solar) and FY 2019 (+94 €mn Disposals of Mercure plant, +50 €mn second tranche Rete Gas Earn Out, - 205 €mn impairment coal Italy, -103 €mn impairment coal Iberia, -30 €mn price adjustment Kafireas, -7 €mn impairment coal Russia) 87#89Operational efficiency Efficiencies reached 300€mn in 2019 8,590 186 OPEX evolution (Єmn) (194) 8,582 I FY 2018 Perimeter IFRS 16 & Other FY 2018 pro forma (313) -1% enel Efficiencies by business 22% Ly 140 97 8,506 Efficiency CPI & FX Develop. & FY 2019 Customers 31% FY 2019 0.3 €bn 47% 88#90Decarbonisation CLEAN ENERGY Enel Green Power Robust sustained growth +2% EBITDA evolution (Єmn) Higher prices more than offset enel EBITDA FY 2019 by geography 2% lower volumes 27% 4,634 48% 4,543 Impact from large Q4 investments not yet visible FY 2019 4.6 €bn 7% 16% FY 2018 FY 2019 EBITDA/ Capex¹ (%) 11% 1. 11% Positive contribution from PPA early termination for around 80 €mn Calculated on the basis of EBITDA at regime of renewable plants with COD 2018 and 2019 Italy Iberia North America Latin America RoW 89#91Decarbonisation Conventional generation and Global trading Performance driven by higher nuclear prices and continued efficiencies +45% EBITDA evolution (Єmn) enel EBITDA FY 2019 by geography 11% 6% 1,117 Higher nuclear prices and volumes 1,616 FY 2018 FY 2019 Opex/MW1 (k€/MW) 34.0 33.4 1. Thermal generation Ongoing efficiency plan c.60 €mn positive impact from ancillary services FY 2019 40% 1.6 €bn 43% Italy Iberia Latin America RoW 90 14#92QNDUSTRINOMATION Enabling Infrastructure AND INFRASTRUCTURE Infrastructure and Networks EBITDA growth driven by Enel DX Sao Paulo and efficiencies EBITDA evolution (Єmn) enel EBITDA FY 2019 by geography 7,411 +11% 8,228 FY 2018 FY 2019 Opex/End 43.9 users (€/cust) 42.5 Enel DX Sao Paulo consolidation and outstanding performance Efficiencies for 160 €mn Constructive regulatory changes in Brazil and Argentina 1% 25% FY 2019 8.2 €bn 47% 27% Italy Iberia Latin America RoW 91#93Electrification CLEAN ENERGY Retail Performance propelled by free market EBITDA evolution (Єmn) enel Energy sold¹ (TWh) +7% 3,079 3,287 Higher margins in Iberia and Latin America 327 599 546 2,53 3 2,68 8 FY 2018 FY 2019 Ebitda/Cust. (€/cl)² 118 1. Includes energy losses; 2. Free market power and gas c.9% cost to serve reduction mainly in Italy Regulated market performance supported by Enel Dx Sao Paulo +3% 336 163 172 164 164 FY 2018 FY 2019 Free markets ■Regulated markets 22 92#94Profit & loss (Єmn) enel FY 2019 FY 2018 A yoy Ordinary EBITDA 17,905 16,158 +11% Higher D&A mainly due to IFRS16, consolidation of Enel DX Sao Paulo and higher investments D&A (6,809) (6,365) +7% EBIT 11,096 9,793 +13% Financial expenses¹ Lower cost of debt by around 40bps (2,413) (2,370) +2% Results from equity investments (88) 81 n.m. EBT 8,595 7,504 +15% Results from equity investments negatively Impacted by North America JV unwinding Income taxes (1,960) (1,864) +5% Minorities (1,868) (1,580) +18% Group net ordinary income² Higher minorities due to increasing contribution of activities in Latin America 4,767 4,060 +17% 1. Includes other financial expenses (-101 €mn for FY 2018, -158 €mn for FY 2019) 2. Excludes extraordinary items in FY 2018 (+729 €mn: +128 €mn earn out Retegas, +64 €mn EF Solar, +646 €mn Slovenske, -98 €mn impairment, -11 €mn Income on equity Powecrop) and FY 2019 (-2593 €mn: +97 €mn disposals Mercure plant, +49 €mn second tranche earn out Rete Gas, -1,412 €mn coal plants and other impairments Italy, -108 €mn impairment USA, -902 Єmn impairments coal plants Iberia, -151 €mn impairments coal plants Bocamina 1 and Tarapaca, -60 €mn impairment RGRES, -34 €mn Slovenske investment impairment and -4 €mn impairment of financial asset for SE disposal; -38 €mn Devaluation FUNAC; -30 €mn Price adj Kafireas) 93#95Cash flow (€bn) Solid FFO generation supports increasing capex 17.9 (1.8) (0.0) (1.8) (2.7) 11.6 (10.0) enel 1.7 Ordinary EBITDA Δ Provisions' 3 AWorking capital Income taxes Financial expenses² FFO Capex FCF & other PY 16.2 (1.9) 1.1 (1.7) (2.6) 11.1 (8.5)4 2.5 Delta YoY +11% -3% -96% +7% +3% +5% +17% -34% 1. Accruals, releases, utilizations of provisions in EBITDA (i.e. personnel related and risks and charges), accruals of bad debt 234 Includes dividends received from equity investments Funds from operations Gross of BSO capex HFS 94#96Debt (€bn) Cost of debt declined by 40 bps, Net Debt impacted by FX and IFRS16 enel Gross debt +7% 61.5 57.4 9.0 6.7 42.5 1.4 7.3 IFRS 16 8.2 (1.7) IFRS 16 1.4 41.1 41.1 45.2 Net debt evolution 1.1 4.0 45.2 (0.6) Jan 1, 2019 Dec 31 2019 Jan 1, 2019 FCF Dividends paid Active portfolio 1 management FX2 Dec 31, 2019 ■Net debt Financial receivables Cash 1. Includes New Leasing for 0,1 €bn 2. Includes foreign exchange derivatives realized in the period Cost of gross debt: 4.1% (-40 bps vs 2018) 95#97Closing remarks enel 2019 strong financial results as a consequence of a strong operational execution More than 50% of our people working remotely No disruptions on operations NO evidence of significant impacts thanks to a resilient and diversified business mix Ample liquidity available and strong balance sheet to face volatile scenarios 96#98Q1 2020 Consolidated results#99Q1 2020 Consolidated results May 6, 2020 enel#100Key highlights of the period. Solid delivery COVID-19 enel Push on renewables Increase in Enel Chile and Enel Americas Limited +6% economic impact +420 MW built EBITDA Ongoing actions 65% emissions +11% to support free production Net Income people and communities Progress in plan to reach 65% stake 99#101COVID-19 Q1 2020 business and financial evolution Business evolution Renewables: 420 MW built in the quarter Conventional generation and trading: neutral impact thanks to hedging, short position and balancing services due to load volatility Distribution: 1% volumes decrease in Latin America; remuneration in Europe not impacted by reduction in volumes (-4% yoy) Retail: -3% decrease in B2B volumes and +1% increase in B2C volumes¹ linked to COVID-19 crisis 130 €mn of negative impact on EBITDA from FX devaluation, of which 80 €mn linked to COVID- 19 crisis Financial evolution enel 25.9 €bn available liquidity as of April 30th 2020, of which 5.8 €bn cash and 20.1 €bn committed credit lines 5.9 €bn long term debt maturing from May 1st up to the end of 2021, 4.4 times covered by liquidity² Available liquidity to cover 2.1 times long term debt to mature by 20222 Strong balance sheet to withstand volatile scenarios 0.4 €bn of temporary net working capital increase linked with COVID-19 crisis 1. Italy and Spain 2. Calculated on the basis of liquidity position and debt maturities as of April 30th, 2020 100#102COVID-19 Enel at the forefront in supporting people, communities and stakeholders Our people Around 55% of our global workforce work remotely (37,5001). Of these, 75% will work remotely until Christmas Insurance policy for all employees worldwide ✓ First ever of its kind in the world ✓ Cash allowance for hospitalized employees Support to employees engaged in non remotable activities through the creation of a "Vacation Day Bank" mechanism ✓ 20,999 days donated by Enel's people² ✓ 29,700 days donated by the Company MBO targets more aligned with people safety and business continuity Daily average in the week 13-17 April 2020 1. 2. As of April 30th, 2020 Communities enel Over 200 initiatives: 70% to support health organization and 30% to mitigate impact on communities Around 50 €mn donations globally to hospital institutions and social assistance services Top management to donate around 15% of 2020 remuneration Crowdsourcing for ideas to help countries deal with the emergency Dunning processes suspension worldwide 101#103Delivering on a fully sustainable capex plan More than 90% capex addressed in 2020 5% 3% Capex by business and by nature 4% 24% Q1 2020 48% Q1 2020 1.9 €bn 1.9 €bn 54% 40% 22% enel Asset development capex by business Capex addressed by year 26% 2020E 92% Q1 2020 1.0 €bn 2021E 72% 70% 2022E 42% Networks Retail Enel X Asset development ■Networks Enel X EGP Customers ■Conventional generation EGP Conventional Asset management generation 102#104Decarbonisation 1. CLEAN ENERGY 13 ACTION CLIMATE Global Power Generation - Enel Green Power Development target on track, 65% emission free production Renewable capacity evolution (GW) 45.8 Total capacity 46.0 0.0 0.2 3.7 3.5 42.1 0.4 420 MW built in the first quarter of the year enel Emission free share of production1 Renewables production up by 9% Coal production down by 80% Q1 2020 54 TWh In 2020 3.2 GW in execution and ~0.4 GW fully permitted 42.5 65% emission free (+12 p.p. vs PY) FY 2019 Built Disposal Q1 2020 Managed capacity Consolidated capacity Emission free production includes nuclear generation (7.1 TWh in Q1 2019 and 7.2 Twh in Q1 2020) and production from managed capacity (2.9 TWh in Q1 2019 and 2.5 TWh in Q1 2020) 103#105Operational efficiency Efficiencies doubled in Q1 versus PY, reaching around 80 €mn OPEX evolution (Єmn) -4% enel Efficiencies by business 9% 4 17 14% 2,112 (27) (78) 2,028 Q1 2020 (356) 1,672 78 €mn 58% 19% Q1 2019 CPI & FX Efficiency Develop. & Perimeter Customers Q1 2020 pro forma Spain provision reversal Q1 2020 104#106Q1 2020 Financial results enel#107Financial highlights (Єmn) EBITDA1 Net Income¹ FFO Net Debt 4,741 1,281 2,061 47,097 +6% +11% -17% +4% Q1 2019 4,454 1,159 2,484 45,1752 1. 2. Ordinary figures As of December 2019 enel 106#1081. Ordinary EBITDA evolution 9% EBITDA growth net of FX devaluation EBITDA evolution (€bn)1 +6% enel Ordinary EBITDA by GBL¹ 20% 0.13 0.01 41% 0.09 0.08 (0.02) 4.74 4.45 4.7 €bn (+6% yoy) 15% 24% -0.14. Q1 2019 Global Power!! Retail I Generation Networks Enel X Services&Other Q1 2020 Networks Retail EGP ■Conventional generation L Decarbonisation Electrification Enablers & Platforms Excludes extraordinary items in Q1 2019 (+94 €mn Disposals of Mercure plant) and Q1 2020 (-33 €mn COVID-19) 107#109Decarbonisation CLEAN ENERGY Global Power Generation Performance supported by renewables volumes and ongoing efficiencies EBITDA evolution (Єmn)1 enel EBITDA by geography1 +5% 1,749 1,834 501 695 1,248 1,139 Solid contribution from new renewables capacity and hydro recovery Benefit from short position and balancing services Q1 '19: 260 €mn PPA early termination and JV unwinding Q1 20: 170 €mn provision reversal 6% 26% 32% Q1 2020 1.8 €bn 7% 29% Italy Latin America Q1 2019 Q1 2020 70 €mn from adverse FX scenario in Latin America Iberia RoW North America 1. Includes Nuke and Trading 108#110Decarbonisation CLEAN ENERGY GPG Enel Green Power - +7% underlying operating performance thanks to new capacity and volumes EBITDA evolution (Єmn) enel EBITDA by geography -9% Positive contribution from capacity developed at end of 2019 5% 31% 1,248 1,139 Volumes recovery led by hydro (+1.3 TWh) at hedged prices 45% Q1 2020 1.1 €bn 9% 10% Q1 '19: 180 €mn from JV unwinding and PPA early termination Q1 2019 Q1 2020 50 €mn negative effect from FX devaluation Italy Iberia Latin America RoW North America 109#111Decarbonisation GPG Conventional generation and trading Hedging, short position and balancing services EBITDA evolution (Єmn) 501 +39% 695 Q1 2019 Q1 2020 enel EBITDA by geography Benefit from short position and balancing services Q1 '19: 80 €mn PPA early termination Q1 '20: 170 €mn provision rev. Spain Ongoing efficiencies more than offset 20 €mn FX devaluation 11% 8% Q1 2020 0.7 €bn 62% Italy Iberia 19% Latin America RoW 110 14#112QNDUSTRINOMATION Enabling Infrastructure AND INFRASTRUCTURE Infrastructure and Networks Stable performance thanks to protective regulatory framework 1,826 +7% EBITDA evolution (Єmn) 1,958 European regulatory framework protecting against dropping volumes Limited impact from 1% decline in Latin America volumes Q1 20: 180 €mn provision reversal in Spain enel EBITDA by geography 1% 33% Q1 2020 2.0 €bn 44% 22% Q1 2019 Q1 2020 c. 60 €mn negative impact from FX devaluation Italy Iberia Latin America RoW 111#113Electrification CLEAN ENERGY Retail Strong performance, shift in demand from B2B to B2C EBITDA evolution (Єmn) enel Free Market - Energy sold (TWh)1 -6% +9% 17.2 16.2 941 861 Improved performance led by free markets (+10%) 4.1 4.5 Italy 151 13.1 11.7 146 Higher margins in Iberia 790 715 c. 8% cost to serve reduction in Italy and Spain Q1 2019 Q1 2020 Free markets ■ Regulated markets 1. Includes energy losses; Q1 2019 Q1 2020 ■B2C -3% B2B 21.1 20.4 5.4 5.1 Spain 15.7 15.3 Q1 2019 Q1 2020 112#114Profit & loss (€mn) 1Q 2020 1Q 2019 ▲ yoy Ordinary EBITDA 4,741 4,454 +6% D&A (1,607) (1,567) +3% EBIT 3,134 2,887 +9% Financial expenses¹ (618) (647) -4% Results from equity investments 14 (63) n.m. EBT 2,530 2,177 +16% Income taxes (809) (624) +30% Minorities (440) (394) +11% Group net ordinary income² 1,281 1,159 +11% enel D&A slightly increase due to investments growth, partially offset by coal impairments effects Lower cost of debt by around 20 bps vs year end 2019 Higher taxes mainly due to higher EBT and positive deferred tax asset in 2019 1. Includes other financial expenses (-70 €mn in Q1 2019, -73 €mn in Q1 2020) 2. Excludes extraordinary items in Q1 2019 (+97 €mn disposals Mercure plant) and in Q1 2020 (-34 €mn: -3 €mn write-down of Funac in Brazil, -17 €mn Slovenske investment impairment, -22 €mn donations and other cost due to COVID-19, +8 €mn reversal impairment on coal plants in Iberia) 113#115Cash flow (€bn) 4.7 (0.4) (0.4) (1.5) 0.0 enel (0.4) 2.1 (1.9) 0.2 Ordinary A Provisions Provision EBITDA reversal in Spain AWorking capital & other Income taxes Financial expenses 2 FFO³ Capex FCF PY 4.5 (0.3) (1.1) (0.2) (0.4) 2.5 (1.9) 0.6 Delta YoY +6% -65% -32% n.a. -6% -17% -69% 1. 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 2. 3. Funds from operations 114#116Debt (€bn) Gross debt +2% 61.5 63.0 9.0 7.6 45.2 8.3 (0.2) 7.3 47.1 45.2 Net debt evolution 0.1 2.2 enel (0.2) 47.1 Dec 31, 2019 Mar 31, 2020 Dec 31, 2019 FCF Dividends paid Active portfolio management 1 2 FX Mar 31, 2020 ■Net debt Financial receivables Cash 1. Includes New Leasing for 0,07 €bn 2. Includes foreign exchange derivatives realized in the period Cost of gross debt: 3.9% (-20 bps vs year end 2019) 115#117Liquidity position Business continuity supported by solid liquidity position Liquidity Position¹ Debt maturities¹ 25.9 €bn 5.8 8.9 14.9 2.2 6.4 12.7 20.1 6.9 3.9 1.7 2.2 4.7 0.8 1.7 ■Available committed 2020 2021 2022 2023-24 credit lines Cash Short term ■Bank Loans & Others ■Bonds 1. As of April 30th, 2020 enel Liquidity of 25.9 €bn covers 2.1x LT debt maturities in the plan Limited re-financing needs with only 5.9 €bn LT debt maturing in 2020-21 Diversified and balanced cash allocation to minimize counterparty risk 116#118Closing remarks enel Solid underlying Q1 performance in spite of COVID-19 crisis to support year end delivery Robust and integrated business model to absorb temporary shocks Early management actions to support business continuity post lockdown through December AGM to be held as expected on May 14th, set to approve dividend payment in July and a new remuneration policy 117#1192020-2022 Annexes#120Agenda Page enel Macro scenario 121 Conventional generation 124 EGP 127 Financial annexes Infrastructure & Networks 131 Retail 135 Enel Group 140 2020 2022 Sustainability Plan 148 Focus on People Centricity 150 ESG annexes Focus on Corporate Governance 153 Focus on Innovation & Cybersecurity 159 119#1212020-2022 Financial annexes#1222020-2022 Macro scenario#123Macro scenario 1. Year end GDP, CPI, FX enel GDP (%) CPI (%) 2020 2021 2022 2020 2021 2022 2020 FX against €¹ 2021 2022 Italy Iberia 0.5 0.6 0.7 1.3 1.5 1.7 n. m. n. m. n. m. 2.0 1.7 1.5 1.7 1.8 1.9 n. m. n. m. n. m. Latin America Argentina (1.3) 1.4 1.8 48.6 34.8 22.9 77.8 95.2 115.2 Brazil 2.6 2.6 2.5 4.1 3.9 3.7 4.4 4.5 4.7 Chile 3.0 2.9 2.9 3.0 3.0 Colombia 3.2 3.2 3.3 3.0 3.0 3 3 3.0 753 752 752 3.0 3,768 3,868 3,908 Peru 3.8 3.9 3.9 2.3 2.5 2.5 3.9 3.9 3.9 Rest of Europe Romania 2.3 2.1 2.0 Russia 1.7 1.7 25 2.8 2.6 2.6 4.8 4.9 4.9 1.5 4.0 3.7 4.0 72.6 72.0 72.3 North America USA 1.9 1.8 1.9 2.0 2.0 2.0 1.2 1.2 1.2 122#124Macro scenario Commodities' prices 2019 2020 2021 2022 Gas TTF (€/MWh) 13.5 Gas Henry Hub ($/mm btu) 2.5 23 19.2 3.1 23 19.5 19.7 3.1 3.1 Gas PSV (€/MWh) 16.0 20.9 21.1 21.3 Oil Brent ($/bbl) 64.1 65.0 65.0 66.0 Coal AP12 ($/ton) 61.0 75.0 76.0 78.0 CO₂ (€/ton) 24.8 23.5 24.0 24.5 enel 123#1252020-2022 Conventional generation#126Conventional generation Installed capacity1 (GW) 8% By technology 9% 32% By geography enel 34% 35% 12% 15% 2019 2022 41% 2019 2022 29% 32% 42.2 GW 36.5 GW 42.2 GW 36.5 GW 18% 21% 38% 30% 28% 18% ■Nuke ■CCGT Coal Oil & Gas Italy ■Latin America Iberia Rest of Europe Italy Iberia Latin America Rest of Europe North America Africa, Asia & Oceania Total 1. Nuke CCGT Coal Oil & Gas Total 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022 - 4.5 4.6 4.6 4.6 6.2 6.2 6.2 5.6 2.7 2.4 2.4 2.4 13.5 13.2 13.2 12.6 3.3 3.3 3.3 3.3 5.5 5.5 5.5 5.5 4.8 2.8 0.2 0.2 2.3 2.3 2.3 2.1 16.0 13.9 11.3 11.1 4.2 4.2 4.2 4.2 0.7 0.7 0.7 0.7 2.7 2.7 2.7 2.7 7.5 7.5 7.5 7.5 0.8 0.8 0.8 0.8 4.4 4.4 4.4 4.4 5.3 5.3 5.3 5.3 - 3.3 3.3 3.3 3.3 15.0 15.0 15.0 15.0 11.7 9.6 7.1 6.6 12.2 11.9 11.8 11.6 42.2 39.9 37.3 36.5 Rounded figures. Latin America includes: South America, Costa Rica, Guatemala and Panama. Rest of Europe includes: Romania, Russia, Greece and Bulgaria. North America includes: Mexico, USA and Canada. Africa, Asia & Oceania includes: South Africa, India and Zambia 125#127Conventional generation Italy Iberia Latin America Rest of Europe North America Production1 (TWh) 20% By technology 25% 16% 2019 22% 129.7 TWh 35% 2022 106.0 TWh 37% 29% 16% Africa, Asia & Oceania Total ■Nuke ■CCGT Coal Oil & Gas 1. Rounded figures 17% By geography enel 24% 18% 25% 2019 2022 129.7 TWh 40% 106.0 TWh 15% 43% 18% Italy ■Latin America Iberia Rest of Europe Nuke CCGT Coal Oil & Gas Total 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022 9.6 11.0 10.0 9.0 12.8 16.9 17.8 16.0 0.3 0.1 0.1 0.1 22.6 28.1 28.0 25.1 26.3 26.4 26.1 26.5 11.7 9.2 10.1 11.1 7.6 8.5 3.3 0.1 5.7 8.7 8.5 8.4 51.3 52.8 48.0 46.1 17.9 14.8 14.2 13.3 3.9 2.0 1.0 0.8 1.6 1.9 2.4 2.0 23.4 18.6 17.6 16.2 5.8 4.9 5.7 5.8 13.3 13.3 12.8 12.7 12.9 32.4 17.7 18.4 18.7 26.3 26.4 26.1 26.5 45.0 40.0 40.0 39.2 37.6 27.3 22.1 16.9 20.9 23.5 23.8 23.4 129.7 117.3 112.0 106.0 126#1282020-2022 EGP#129EGP Consolidated capacity 1 (GW) 7% 2% 2019 42.2 GW 67% 24% By technology 16% 2022 1% 54.2 GW 52% enel 2% 13% 2% 2019 42.2 GW By geography 15% 13% 2% 27% 33% 3% 2022 54.2 GW 32% 34% 19% 31% 18% Italy Latin America North America Hydro Wind | Solar & Other Geothermal Iberia Rest of Europe Africa, Asia & Oceania Hydro Wind Geothermal Solar & Other Total 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022 Italy Iberia Latin America 12.4 12.4 12.4 12.5 0.8 0.8 1.0 1.3 0.8 0.8 0.8 0.8 0.0 0.0 0.0 0.2 14.0 14.0 14.2 14.7 4.7 4.8 4.8 4.8 2.3 2.5 2.6 3.2 0.4 0.6 1.4 2.2 7.4 7.9 8.8 10.2 10.6 10.6 10.6 10.7 1.6 2.4 3.3 3.7 0.0 00 0.1 0.1 0.1 1.5 2.3 3.2 4.0 13.7 15.3 17.2 18.5 Rest of Europe 0.0 0.0 0.0 0.0 0.9 1.0 1.2 1.2 0.1 0.1 0.1 0.1 1.0 1.1 1.3 1.3 North America 0.1 0.1 0.1 0.1 4.4 5.6 6.1 6.6 0.1 0.1 0.1 0.1 0.7 0.9 1.1 1.3 5.3 6.7 7.4 8.0 Africa, Asia & Oceania - - 0.4 0.5 0.5 0.5 0.4 0.8 0.8 0.9 0.8 1.3 1.3 1.4 Total 27.8 27.9 27.9 28.1 10.3 12.7 14.6 16.4 0.9 0.9 0.9 0.9 3.1 4.8 6.7 8.8 42.2 46.3 50.1 54.2 1. Rounded figures 128#130EGP Consolidated production 1 (TWh) 1% By technology 12% 6% 2019 99.4 TWh 63% 5% 27% enel 45% 24% 13% 3% 2% By geography 2% 19% 18% 2% 2019 99.4 TWh 2% 2022 12% 143.3 TWh 10% 2022 143.3 TWh 38% 49% 47% Italy Latin America North America Hydro Wind Solar & Other Geothermal Iberia Rest of Europe Africa, Asia & Oceania Hydro Wind Geothermal Solar & Other Total 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022 Italy Iberia Latin America 17.2 17.3 17.2 17.0 1.4 1.3 1.5 2.2 5.7 5.6 5.6 5.7 0.0 0.1 0.1 0.3 24.3 24.3 24.4 25.2 5.9 6.9 6.9 6.9 4.1 5.7 6.4 7.6 0.1 0.7 1.7 3.3 10.1 13.3 15.0 17.8 39.2 41.9 42.6 42.9 6.3 6.7 11.4 14.7 0.2 0.4 0.6 0.6 2.8 4.1 7.0 9.6 48.4 53.1 61.5 67.8 Rest of Europe 0.0 0.0 0.0 0.0 1.8 2.2 2.5 3.3 0.0 0.0 0.0 0.2 0.2 0.2 0.2 2.0 2.4 2.7 3.5 North America 0.2 0.3 0.3 0.3 12.1 18.9 21.6 23.4 0.3 0.4 0.3 0.3 0.3 1.7 2.1 2.6 12.9 21.2 24.3 26.6 Africa, Asia & Oceania 1.0 1.2 1.0 1.0 - 0.6 1.3 1.4 1.5 1.6 2.5 2.3 2.5 Total 62.6 66.4 66.9 67.1 26.7 36.1 44.4 52.2 6.1 6.3 6.6 6.6 4.0 8.0 12.4 17.4 99.4 116.8 130.3 143.3 1. Rounded figures C 129#131EGP Consolidated additional capacity and pipeline1 (GW) Consolidated additional capacity by technology enel COD 2020-2022 Pipeline by geography 1% 2020-22 Wind ■ Solar 50% 49% 11.62 GW Hydro COD 2020 2021 2022 Total Italy 0.0 0.5 1.6 2.1 Iberia 0.1 1.0 1.8 2.9 Latin America - 0.3 4.8 5.1 Rest of Europe 0.0 0.0 0.3 0.3 Consolidated additional capacity by geography North America 0.0 2.4 4.2 6.7 Africa, Asia & Oceania 0.0 0.3 2.3 2.6 26% Total 0.1 4.6 15.0 19.7 22% 24% 3% 2020-22 11.6² GW Italy Iberia ■Latin America 43% Rest of Europe North America Africa, Asia & Oceania 12 1. Rounded figures 2. Excluding Jvs for 2.5 GW 130#1322020-2022 Infrastructure & Networks#133Infrastructure & Networks Electricity distributed, End users, Smart meters¹ enel Electricity distributed (TW h) End users (mn) Smart meters (mn) 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022 Italy 224.6 226.5 226.8 227.1 31.5 31.5 31.5 31.6 31.4 31.4 31.4 31.6 Iberia 126.5 127.0 128.4 129.8 12.2 12.3 12.4 12.4 12.2 12.3 12.4 12.5 Latin America 137.3 139.8 143.5 147.1 26.7 27.1 27.6 28.1 0.4 0.6 1.1 1.6 Rest of Europe 15.7 16.0 16.2 16.4 2.9 2.9 3.0 3.0 0.7 0.8 1.0 1.2 Total 504.0 509.3 514.9 520.4 73.3 73.8 74.4 75.1 44.7 45.1 45.9 46.8 1. Rounded figures 132#134Infrastructure & Networks Current regulatory framework in Europe¹ 12 1. 2. As of February 2020 WACC review by 2022 Italy Iberia Romania WACC real pre tax 2019 5.9% 6.0% 6.9% Next Regulatory Period 20242 2026 2024 Regulatory Period 4+4 Length (years) 5 Metering Owned by Ownership DSO Owned by DSO Owned by DSO Smart meter Yes No Yes inclusion in RAB enel 133#135Infrastructure & Networks Current regulatory framework in Latin America¹ enel Argentina Brazil Chile Colombia Peru WACC real pre tax 2019 12.5% 12.3% 10.0%² 11.79% 12.0%2 Next Regulatory Period 2022 2023 Nov 2020 2024 Nov 2022 Regulatory Period Length (years) 5 (Rio, Goias) 5 4 (Ceará, São Paulo) 5 4 Metering Ownership Owned by DSO Owned by DSO Owned by users/DSO Owned by users/DSO Owned by users4 Smart meter inclusion in RAB³ February 2020 Yes Yes 1234 1. 2. Return rate before taxes 3. 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, which will be included in Enel assets base from 2021 No No No4 134#1362020-2022 Retail#137Retail Power & gas customers and volumes1 enel Power Gas Customers (mn) Volumes (TWh) Customers (mn) Volumes (bsmc) 2019 2022 2019 2022 2019 2022 2019 2022 Italy 23.7 18.5 97.5 92.6 4.1 4.4 4.7 4.7 Free Market 9.2 18.5 62.0 92.6 4.2 4.4 4.7 4.7 Regulated 14.4 35.6 Iberia 10.6 10.7 89.4 103.1 1.6 1.8 5.7 5.6 Free Market 5.8 6.6 78.1 90.2 1.4 1.6 5.6 5.4 Regulated 4.8 4.1 11.4 12.9 0.2 0.2 0.1 0.1 Latin America 26.7 29.2 105.0 180.9 0.0 0.5 Rest of Europe 3.1 3.9 9.7 12.9 0.1 0.2 0.0 0.3 Total 64.1 62.2 301.7 389.5 5.9 6.5 10.5 11.1 1. Rounded figures 136#1381. Retail Power unitary margin and opex per client enel Includes only power free market Power unitary margin (€/MWh)¹ Opex per client (€/customer) 2019 2022 2019 2022 Italy 22.3 20.2 26.0 22.9 Iberia 10.5 9.8 35.5 30.5 Latin America 3.8 3.0 14.4 12.5 Rest of Europe 6.3 10.4 16.2 11.3 137#139Italian power market 2019 enel Enel market share¹ Customers (mn) Enel market share² market share¹ Energy sold (TWh) Enel Enel market share² 40% 18.5 36.8 4.5 7.2 53% 18.3 14.0 239.3 286.2 24% 205.3 220.1 2.8 15.5 29.5 47% 46.8 34.1 14.8 66.1 32.0 Regulated Free Total 84% 27% Regulated 79% Free 50% Total Business Residential 1 Enel estimate based on closing 2018; % calculated on Total Italian Regulated Market 2 Enel estimate based on closing 2018; % calculated on Total Italian Free Market (not including Last Resort - "Salvaguardia")#140Spanish power market 2019 Customers (mn) 18.3 Enel market share¹ 17.4 30% 29.4 28.5 11.2 0.9 33% 11.2 0.0 Regulated 0.9 43% Free 30% Total Business Residential Energy sold (TWh) Enel market share¹ enel 226.6 253.9 32% 55.3 81.2 171.4 172.7 31% 27.3 26.0 1.3 Regulated 48% Free 34% Total 1. 12 Customers: CNMC "Informe de supervision de los cambios de comercializador 1Q-19 published october2019 2. Energy sold: Internal estimation based on "sectorial energy daily forecast system" 139#1412020-2022 Enel Group#142Enel Group Gross Capex¹ (€bn) Cumulated gross capex by GBL² enel Cumulated gross capex by geography³ 1% 10% Italy 41% ■Networks 32% Iberia 4% Retail 7% ■Conventional generation 28.7 €bn 28.7 €bn Enel X 32% ■Latin America Rest of Europe North America EGP 44% 22% ■ Africa, Asia & Oceania Global Generation Conventional Generation & Trading Global Infrastructures Services EGP Retail Enel X Total & NetworNs & Other 2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022 Italy 0.2 0.1 0.2 0.3 0.6 0.8 1.9 1.8 1.8 0.3 0.3 0.2 0.1 0.1 0.1 0.1 0.1 0.1 2.8 3.0 3.3 Iberia 0.4 0.3 0.2 0.6 1.0 1.4 0.6 0.7 0.7 0.1 0.1 0.1 0.0 0.1 0.1 0.0 0.0 0.0 1.8 2.1 2.4 Latin America 0.2 0.1 0.2 2.0 1.5 1.0 1.4 1.3 1.3 0.1 0.0 0.0 0.1 0.1 0.1 0.0 0.0 0.0 3.7 3.0 2.6 Rest of Europe 0.1 0.0 0.0 0.2 0.1 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.4 0.3 0.3 North America 0.0 0.0 0.0 1.1 0.8 0.7 0.1 0.0 0.0 1.2 0.9 0.8 Africa, Asia & Oceania - - 0.1 0.1 0.1 - 0.0 0.0 0.0 0.1 0.1 0.1 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 - 0.1 0.1 0.0 0.0 (0.1) (0.1) 0.2 0.0 0.0 Total Total Capex 2020-2022 1. Rounded figures 2. Services & Other is not included in the breakdown 3. Other is not included in the breakdown 0.7 0.5 0.6 4.4 4.0 4.1 4.0 4.0 3.9 0.4 0.4 0.4 0.4 0.4 0.3 0.2 0.0 0.0 10.1 9.3 9.3 1.9 12.5 11.8 1.2 1.1 0.2 28.7 141#143Enel Group Asset development capex1 (€bn) Cumulated asset development capex by GBL² enel Cumulated asset development capex by geography³ 27% ■Networks Retail 17.2 €bn 66% ■Conventional generation Enel X EGP 15% 1% Italy 29% Iberia 17.2 €bn 32% 20% ■Latin America Rest of Europe North America ■Africa, Asia & Oceania Global Generation Conventional Generation & Trading Global Infrastructures Services EGP Retail Enel X Total & NetworNs & Other 2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022 Italy 0.1 0.1 0.2 0.2 0.4 0.6 1.0 1.0 0.9 0.1 0.1 0.1 0.0 0.0 0.0 1.5 1.7 1.9 Iberia 0.0 0.0 0.0 0.6 0.9 1.3 0.2 0.2 0.1 0.0 0.0 0.0 0.8 1.2 1.5 Latin America Rest of Europe North America Africa, Asia & Oceania Other Total Total Capex 2020-2022 1. Rounded figures 2. Services & Other is not included in the breakdown 3. Other is not included in the breakdown 0.0 0.0 0.0 1.9 1.4 0.9 0.4 0.4 0.3 0.1 0.0 0.1 2.4. 1.8 1.3 0.0 0.0 0.0 0.2 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.3 0.2 0.1 1.1 0.8 0.7 0.0 0.0 0.0 1.1 0.8 0.7 0.1 0.0 0.1 0.1 0.0 0.1 - 0.0 0.0 (0.1) 0.0 (0.2) (0.1) 0.0 0.0 -0.1 0.2 0.2 0.3 4.0 3.7 3.7 0.7 11.5 1.7 1.6 1.4 0.2 0.2 0.1 0.0 (0.1) (0.1) 6.2 5.5 5.5 4.7 0.5 (0.2) 17.2 142#144Enel Group Asset management capex¹ (€bn) Cumulated asset management capex by GBL2 enel Cumulated asset management capex by geography³ 3% 2% ■Networks Italy 30% 20% ■Retail 64% 36% 6.5 €bn 6.5 €bn ■Conventional generation ■ EGP 16% 29% Iberia ■Latin America Rest of Europe North America ■ Africa, Asia & Oceania Global Generation Conventional Generation & Trading Global Infrastructures Services EGP Retail Enel X Total & NetworNs & Other 2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022 Italy Iberia 0.0 0.0 0.0 0.1 0.1 0.1 0.4 0.4 0.4 0.1 0.1 0.0 0.6 0.6 0.6 0.3 0.3 0.2 0.1 0.1 0.1 0.2 0.3 0.3 0.0 0.0 0.0 0.6 0.6 0.6 Latin America 0.1 0.1 0.2 0.1 0.1 0.1 0.6 0.5 0.5 0.0 0.0 0.0 0.8 0.7 0.8 Rest of Europe 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - - - 0.1 0.1 0.1 North America 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 - - Africa, Asia & Oceania - - - 0.0 0.0 0.0 0.0 0.0 0.0 - - - Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 Total 0.5 0.4 0.4 0.3 0.3 0.3 1.3 1.3 1.4 0.1 0.1 0.1 2.3 2.1 2.1 Total Capex 2020-2022 1.2 1.0 3.9 0.4 6.5 143 1. Rounded figures 2. Services & Other is not included in the breakdown 3. Other is not included in the breakdown#145Enel Group Italy Iberia Latin America Rest of Europe Customers capex1 (€bn) North America Africa, Asia & Oceania Other Total Total Capex 2020-2022 12% 24% enel Cumulated customers capex by GBL² Cumulated customers capex by geography³ ■Networks 64% 5.0 €bn Retail ■ Enel X 2% 5% 1% Italy 43% 31% 5.0 €bn Iberia ■Latin America 18% Rest of Europe North America ■ Africa, Asia & Oceania Global Generation Conventional Generation Global Infrastructures Services EGP Retail Enel X Total & Trading & NetworNs & Other 2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022 0.4 0.4 0.4 0.3 0.3 0.2 0.0 0.0 0.0 0.7 0.7 0.7 0.2 0.2 0.2 0.1 0.1 0.1 0.0 0.0 0.0 0.3 0.3 0.3 0.4 0.4 0.4 0.1 0.0 0.0 0.0 0.0 0.0 0.5 0.5 0.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.1 0.1 1.1 1.1 1.1 0.4 0.4 0.4 0.2 0.2 0.2 1.7 1.7 1.7 3.2 1.2 0.6 5.0 144 1. Rounded figures 2. Services & Other is not included in the breakdown 3. Other is not included in the breakdown#146Enel Group Ordinary EBITDA1 17.9 By GBL² 20.1 By geography³ 17.9 ■Networks 20.1 4% 3% 43% 3% 4% 46% Retail 33% 29% ■Conventional generation 17% 21% 21% 18% 8% Enel X 1% 9% 2% EGP 26% 29% 42% 39% 2019 2022 2019 2022 enel Italy Iberia ■Latin America Rest of Europe North America ■Africa, Asia & Oceania Conventional Generation Global Infrastructures Services EGP Retail Enel X Total & Trading & NetworNs & Other 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022 2019 2020 2021 2022 Italy 0.1 0.1 0.2 0.2 1.2 1.3 1.4 1.4 3.9 3.7 3.7 3.9 2.3 2.3 2.3 2.3 0.0 0.0 0.1 0.1 0.2 0.2 0.2 0.2 7.7 7.6 7.8 8.0 Iberia 0.7 0.7 0.7 0.7 0.4 0.5 0.6 0.7 2.0 1.9 1.9 1.8 0.7 0.7 0.7 0.8 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 3.9 3.8 4.0 4.2 Latin America 0.6 0.4 0.5 0.5 2.2 2.4 2.6 2.8 2.3 2.6 2.7 3.0 0.2 0.4 0.4 0.4 0.1 0.1 0.1 0.1 (0.1) (0.1) (0.1) (0.1) 5.3 5.8 6.3 6.8 Rest of Europe 0.2 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.1 0.1 0.1 0.1 0.0 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.5 0.5 0.5 0.6 North America 0.0 0.0 0.0 0.0 0.7 0.7 0.8 0.8 . . - 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.8 0.7 0.8 0.8 Africa, Asia & Oceania 0.1 0.1 0.1 0.1 · 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 Other 0.0 0.1 0.1 0.1 0.0 (0.1) (0.1) (0.1) 0.0 0.0 0.1 0.1 0.0 0.1 0.1 0.1 (0.1) (0.1) (0.3) (0.7) (0.3) 0.0 (0.1) (0.5) Total 1.6 1.4 1.6 1.7 4.6 5.1 5.6 5.9 8.2 8.3 8.5 8.9 3.3 3.4 3.5 3.6 0.2 0.2 0.4 0.5 0.0 0.1 (0.2) (0.5) 17.9 18.6 19.4 20.1 Total EBITDA 2020-2022 4.7 16.6 25.7 10.5 1.1 (0.6) 58.0 1. 2. 3. Rounded figures Services & Other is not included in the breakdown Other is not included in the breakdown 145#147Enel Group Baseload power price & production sold forward Italy (€/MWh) Iberia (€/MWh) Baseload price 2020 2021 60.2 59.8 55.0 55.4 Production sold forward 2020 2021 2022 price % price % price % Italy (€/MWh)¹ Iberia (€/MWh)¹ 57.1 100% 51.6 50% 73.5 100% 74.5 80% Brazil (USD/MWh) 63.5 100% 60.1 100% 60.6 100% Chile (USD/MWh) 79.0 100% 76.0 100% 70.1 100% Colombia (USD/MWh) 68.7 100% 72.5 85% 67.1 80% Peru (USD/MWh) 56.7 100% 57.8 100% 60.1 100% 1. Average hedged price; wholesale price for Italy and Spain. As of 31 March 2020 enel 146#1482020-2022 Environmental, Social and Governance annexes#1492020-2022 Sustainability Plan#1502020-2022 Sustainability Plan innovation Sustainable business model, driving change through enel Sustainable long-term value creation 7 13 INNOVATION Enel public committment to United Nations (7.1, 4, 8, 13) ENERGY TRANSITION PEOPLE CENTRICITY ESG BACKBONES DECARBONIZATION INFRASTRUCTURE ELECTRIFICATION ECOSYSTEMS AND PLATFORMS 11 ABO Engaging people we work with Engaging local communities Occupational health and safety Sustainable supply chain QUALITY EDUCATION Environmental sustainability Sound governance DECENT WORK AND ECOMINIC GROWTH 149#1512020-2022 Focus on People Centricity#152Focus on People Centricity Engaging People we work with -23 1. 2. 3. QUALITY EDUCATION GENDER EQUALITY "⑪+ DECENT WORK AND ECONOMIC GROWTH Plan actions 2019 enel 2020-2022 targets Promotion of digital skills' dissemination among all employees 46% of people involved in digital skills training 100% of people involved in digital skills training Gender-% of women in selection processes1 42% women involved in recruiting processes 50% women involved in recruiting processes Performance appraisal² • DECENT WORK AND ECONOMIC GROWTH Climate survey² 100% of people involved 99% of people appraised³ 100% of people involved • 99% of people appraised • 100% of people involved • 100% of people involved 86% of people participating 87% of people participating 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 a permanent contract and working in the Group for at least 3 months during 2019 Forecast data, since the closure of the assessment process has been postponed to May 2, 2020 due to the Covid-19 crisis. 151#153Focus on People Centricity Engaging local Communities Plan actions 20191 enel 2020-2022 targets QUALITY EDUCATION High-quality, inclusive and fair education 1.3 mn beneficiaries 2.5 mn beneficiaries in 20301 AFFORDABLE AND CLEAN ENERGY Access to affordable and clean energy 7.9 mn beneficiaries 10.0 mn beneficiaries in 20301 DECENT WORK AND ECONOMIC GROWTH Employment and sustainable and inclusive economic growth 2.1 mn beneficiaries 8.0 mn beneficiaries in 20301 1. Cumulated figures since 2015 152#1542020-2022 Focus on Corporate Governance#155Focus on Corporate Governance Corporate governance structure 78% BoD's composition 11% 11% Non executive Executive ■Independent ர்ர் Shareholders' meeting Audit firm Board of Directors1 (9 members²) Board of Statutory Auditors (3 members) enel Nomination and Compensation Committee Control and Risks Committee Related Parties Committee Corporate Governance and Sustainability Committee 1. Chair can be considered independent in accordance with Unified Financial Act criteria 2. Out of which 3 Directors drawn from the slate filed by a group of mutual funds and other institutional investors 154#156Focus on Corporate Governance Board composition Board of Directors Chair Board of Directors' diversity 33% Michele Crisostomo Francesco Starace Cesare Calari Costanza Esclapon de Villeneuve (C) Corp. Governance & Sust. C. CEO and General Manager (C) Control & Risks C. Nomination & Compensation C. Corp. Governance & Sust. C. Nomination & Compensation C. 44% Age diversity 22% Gender diversity 45% 48-52 53-56 57-66 enel 56% Male Female 22% Control & Risks C. Samuel Leupold Related Parties C. Control & Risks C. Alberto Marchi Tenure diversity 11% Skill diversity (C) Nomination & Compensation C. Corp. Governance & Sust. C. 67% 5 Mariana Mazzucato 1-3 years 4-6 years Mirella Pellegrini Anna Chiara Svelto Non executive Executive Related Parties C. Control & Risks C. Related Parties C. Nomination & Compensation C. (C) Related Parties C. ■ Independent (C) Chair Over 6 years 3 ■ Energy Accounting, Finance & Risk Management ■Strategy ■ Expertise in Intl. Environment Legal & Corporate Governance ■Communication & Marketing#157Focus on Corporate Governance CEO's short-term variable remuneration 1 enel Macro objective Objective Type of target Weight² Entry (50%) Target (100%) Over (150%) Profitability Ordinary consolidated net income 35% 5.25 €bn 5.35 €bn 5.41 €bn Economic Efficiency Cash and debt management Group Opex 20% 8.28 €bn 8.12 €bn 8.04 €bn Economic FFO/Consolidated net financial debt 15% 24.4% 24.9% 25.2% Financial Safety Safety in the workplace 15% FI³≤ 0.80 & FA4≤ 7 FI³≤ 0.78 & FA4≤ 7 FI³≤ 0.76 & ESG FA4≤ 7 COVID 19 emergency Remote management of operations5 15% Average IT logins 80% Average IT logins 84% Average IT logins 88% ESG 1. Management by objectives (MBO) 2020 2. (%) Weight in the variable remuneration 3. FI: Work-related accident Frequency Index 4. FA: Number of Fatal Accidents during 2020, except for road events 5. Average daily logins recorded during the period March-December 2020 to the ten main IT applications used within the Enel Group compared to the period January-February 2020 156#158Focus on Corporate Governance Long-term variable remuneration1 Macro objective Objective Weight5 Performance TSR2 50% Target (130%)6 Enel's TSR from 100% to 110% of TSR Index enel Over I (150%) Enel's TSR from 110% to 115% of TSR Index Over II (280%)6 Enel's TSR > 115% of TSR Index Type of target Market Profitability ROACE3 25% 39.4% 40.0% 40.6% Financial Environmental Renewable capacity on total4 15% 59.7% 59.9% 60.0% ESG Environmental CO2 emissions reduction 10% ≤ 220 gCO2/KWheq7 ≤ 215 gCO2/KWheq7 ≤210 gCO2/KWheq7 ESG 100% of the base amount is assigned in Enel shares, whose number is determined on the basis of the arithmetical mean of Enel's daily VWAP in the three-month period preceding the beginning of the performance period Long-Term Incentive (LTI) Plan 2020. Performance period: January 1, 2020 - December 31, 2022. 30% payment (if any) in the 4th year. 70% payment (if any) in the 5th year (deferred payment) Average TSR Enel compared to average TSR EUROSTOXX Utilities Index-EMU, calculated in the three-month period preceding the beginning and the end of the performance period Cumulative for the 3-year period 2020-2022 1. 2. 3. 5. (%) Weight in the variable remuneration 7. As at 2022 4. Renewable sources net consolidated installed capacity /Total net consolidated installed capacity at the end of 2022 6. 8. For the CEO/General manager. 100% at target and 180% at Over II for the other beneficiaries of the LTI Plan 2020 50% for the other beneficiaries of the LTI Plan 2020 157#159Focus on Corporate Governance Enel group's listed companies enel 70.1% endesa 64.9%1 enel Chile 62.3%2 enel Américas³ enel 56.4% enel Russia 93.5% 99.1% 99.9% 100% 100% Enel Gx Chile Enel Dx Chile Enel Argentina Enel Brasil Enel Perú 96.5% 92.6% 75.7% Pehuenche Enel Gx Costanera Enel Gx Piura 83.2% 83.6% Enel Dx Perú Enel Gx Perú 74.1% 99.7% Not listed companies Enel Dx Ceará Enel Dx Rio 1. As of July 7, 2020 2. As of May 28, 2020 3. Enel Americas operates also in Colombia through not listed companies 158#1602020-2022 Focus on Innovation & Cybersecurity#161Focus on Innovation & Cybersecurity 1. Innovation 10 innovation hubs 5 innovation labs¹ ~83 partnerships enel Plan actions 2020-2022 targets Crowdsourcing >400.000 solver 12 innovation communities Promoting global partnership and upporting high-potential startups PARTNERSHIP FOR THE 17 GOALS INDUSTRY INNOVATION AND INFRASTRUCTURE In total, Enel has developed 10 Innovation Hubs and 5 Innovation Labs dedicated to startups. The total number of Enel Group's laboratories, including also the Labs not dedicated exclusively to startups, is 20. Implementation in the business of 30 projects with startups 75 bootcamps to find startups with which collaborate 160#162Focus on Innovation & Cybersecurity 1. Cyber security A Risky emails blocked 1 (#) 2 mn every day Connections to dangerous websites blocked¹ (#) 400K every day enel Plan actions 2020-2022 targets Coverage of web applications exposed to internet with advanced cyber security application solutions 100% of internet web applications protected through advanced cyber security solutions Web applications protected through advanced cyber security solutions (%) AFFORDABLE AND INDUSTRY CLEAN ENERGY INNOVATION AND 11 SUSTAINABLE CITES AND COMMUNITIES INFRASTRUCTURE 100% total ytd 17 PARTNERSHIP FOR THE GOALS Disseminating the information security culture and changing people's behaviour in order to reduce risks 15 cyber security knowledge sharing events per year Daily average from 01/07/2019 to 31/12/2019 A 161#163Disclaimer 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. 162#164Contact us enel enel Monica Girardi Head of Group Investor Relations Investor Relations team Federico Baroncelli Francisco Basauri Serena Carioti Federica Dori Federica Pozzi Fabrizio Ragnacci Noemi Tomassi Emanuele Toppi Contacts Email [email protected] Phone +39 06 8305 7975 Channels e Website Enel.com e Follow us Mobile App Enel Investors f in O You Tube