#1Enel Russia Q1 2020 results April 28, 2020 enel#2COVID-19 Business continuity management and risks assessment enel#3COVID-19 Business continuity management: our people Remote working trends % of employees on remote working +4x Remote working: 909 employees of which: 9% 37% Power plants 618/30% enel HQ 291 100% Pre COVID19 outbreak 1 Post COVID19 outbreak 2 # of simultaneous VPN accesses (k) +4x 0,8 0,2 Crisis management: Task Force Russia set up in late February 2020 Personnel protection: distancing, monitoring of health conditions, extension of PPE³ use, compartmentation of common areas, optimization of work scheduling, every day disinfection of premises External suppliers: request to adopt same protection measures activated by Enel Russia Pre COVID19 Post COVID19 outbreak outbreak 100% IT portfolio core applications on cloud provide full accessibility from everywhere and scalability 1. As of March 1st, 2020; 2. As of March 31st, 2020 3. Personal protective equipment#4COVID-19 Business continuity management: our assets enel ✓ Max. possible remote monitoring of thermal generation, personnel at the renewable construction sites is conducting the construction works in full ✓ Optimization of power plants operation schemes and limitation, rescheduling of maintenance. activities guaranteeing business continuity ✓ Access control system is installed at the Azov and Kola construction sites ✓ The foundations works, internal road laying and the T-lines installation are held at the construction sites according to the schedule ✓ Equipment supply for the wind farms is on schedule 4#5COVID-19 Risk assessment: strategic deployment not affected, ample liquidity available Macroeconomic Risks GDP & Power demand: ✓ Limited correlation of GDP and power consumption ✓ 75% of 2020 gross margin contracted through capacity component protects earnings volatility FX: ✓ Revenues & debt 100% nominated in RUB ✓ 8% of 2020 fixed costs nominated in EUR ✓ Capex after hedging is >90% nominated in RUB Business Risks Prices: fixed capacity prices in the plan period; limited volatility of power prices Payment collection: in line with historical levels Thermal modernization: main equipment for the closest project purchased in 2019 Renewables: supply chain risks can not be excluded Cost efficiencies: benefits from large scale remote working and restriction in travels 1. Includes available credit facilities (not considering commercial papers program) and cash enel Financial Risks Financing for the first two wind projects secure, remote commissioning of the third project [2024] Interest rate is fixed for general corporate debt Limited re-financing needs in the plan period Liquidity: 84bn RUB1 available substantially cover debt to mature by 2022#6Q1 2020 results enel#7Financial highlights (RUB mn) Q1 2020 Q1 2019 ΔΥΟΥ Revenue 12,052 19,101 -37% EBITDA 3,326 5,296 -37% Net income 1,456 3,000 -51% Net debt 8,215 4,1711 +97% Net debt/EBITDA² 0.6x 1.0x -0.4x Herein after - unaudited financial results under IFRS 1. As of December 31, 2019 2. Net debt at the end of the period divided by 12 months rolling EBITDA enel 7#8Portfolio repositioning in terms of technology following coal power plant disposal Net power production by technology (TWh) Equipment availability -49% 9.3 10.7 Power sales (TWh) -48% 2.2 enel 4.5 4.8 5.6 1.5 1.7 1.1 8.5 3.2 3.1 4.4 Q1 2019 Q1 2020 Q1 2019 Q1 2020 ■ Oil&Gas CCGT Coal Free market Regulated market 89% 91% Utilization on net electric capacity 48% 42% 8#9Increased prices on higher share of CCGT was offset enel by growing cost of sales due to technology change Average unitary selling price (RUB/MWh)1 +9% -3% without RGRES in Q1 2019 1,161 1,269 Q1 2019 Q1 2020 Average unitary cost of sales (RUB/MWh)² +21% Average unitary margin (RUB/MWh) -41% 218 128 -30% without RGRES in Q1 2019 +1% without RGRES in Q1 2019 Q1 2019 Q1 2020 1.141 943 Q1 2019 Q1 2020 1. Including regulated power sales, day ahead market and balancing market sales 2. Including fuel cost and energy purchases#10Lower revenues and costs following the change in assets perimeter... Variable costs (RUB bn) -37% Operating revenues (RUB bn) 19.1 1.3 -37% 11.1 1.4 enel 7.0 ■ Purchased power 09 ■ Fuel 9.7 6.1 Q1 2020 Fixed costs (RUB bn) -36% 5.4 ■Heat and other 12.1 Q1 2019 ■ Capacity 4.0 ■ Electricity 12.4 7.0 Q1 2019 Q1 2020 2.7 0.3 ■ Overhead 1.8 1.1 ■ Personnel 0.2 0.8 ■ O&M not 0.7 manageable 0.5 0.6 ■ O&M manageable 10 0.3 Q1 2019 Q1 2020#11...that also affected EBITDA dynamics 5,296 EBITDA evolution (RUB bn) (2,958) -37% 913 75 3,326 Q1 2019 Gross margin Fixed costs Other items Q1 2020 enel 11#12Net income down on EBITDA and revaluation of the part of payables on weaker RUB enel Q1 2020 Q1 2019 ΔΥΟΥ EBITDA (all RUB mn) 3,326 5,296 - -37% D&A and impairment (939) (1,224) -23% EBIT 2,387 4,072 -41% Net financial expenses (555) (299) +85% EBT 1,832 3,773 -51% Income tax (charge) / benefit (376) (773) -51% Net income 1,456 3,000 -51% 12#13Net debt up mainly on investments made and working capital deterioration Net debt evolution (RUB mn) enel 4,171 +97% 321 4,930 (3,325) 2,541 (423) 8,215 31Dec19 Cash flow from AWorking capital 1 operations Income tax Capex Net financial charges and Other 31Mar20 1. Includes increase/(decrease) in taxes payable, other than income tax. Over 1Q 2020 the Company paid 4.1bn RUB of VAT accrued in 2019 for Reftinskaya sale 13#14Debt profile and liquidity position Gross debt profile As of 31Mar19 10% 21% 25bn RUB 69% ■ Corporate loans (RUB) ■ Project financing (RUB) As of 31Mar20 13% 27% 19bn RUB 60% ■ Corporate loans (EUR) ■Commercial papers (RUB) enel Total credit facilities: utilised & available (RUB bn) 132.2 132.2 ■Long-term 99% 99% ■ Short-term Q1 2019 Q1 2020 1% 1% AVG cost Weight 31/03/19 AVG cost RUB 8.3% 79% 8.5% Weight 31/03/20 100% 31 Dec19 31Mar20 % utilised 12% 14% EUR 1.6% 21% n/a 0% 14#15Contact us enel Channels e Website Enelrussia.ru Ekaterina Dubovitskaya Investor Relations Email [email protected] Phone +7 495 539 31 31 ext. 7746 Follow us fo enel e Mobile App Enel Investors 15