#1Navestor Presentation March 2023 enel#2Agenda CMD 2022 2023-25 Strategic Plan 2023-25 Strategic Plan > The energy context > The Group in the energy context > Enel's strategic actions > Sustainable profitability > Investing in our integrated strategy > Strategic repositioning > Financial management > Plan de-risking > Targets Full Year 2022 Consolidated Results 2023-2025 Annexes enel#3The energy context enel#4The last three years have highlighted the importance enel of good energy markets design 2020 2021 2022 COVID -19 Russia - Ukraine conflict Prices extreme M volatility +250% YTD gas prices in EU Dependence of supply 70% EU energy covered by imported fossil fuels. Climate EU coal consumption change +7% Mt yoy increase Governments ST intervention > EU GDP to ST interventions 4% against tariffs surge 3#5Clean electrification is now clearly emerging as the enel solution to tackle three challenges... Total energy Affordability > -20% spending Security by 2030 vs 2020 EU fossil fuels -30% import by 2030 vs 2020 EU GHG -55% emissions Sustainability -55% > by 2030 vs 1990 Achievable if 2030 EU targets are met: Clean electrification to create affordable, secure, sustainable energy systems RES penetration of 70% and electrified consumption of 35% Source: EU Commissions (Fit for 55, RePowerEU), IEA WEO 2021, IEA WEO 2022, Net Zero report, internal elaborations#6...and it is at the heart of the long term policy packages of the major western economies enel European Union EU Long Term Budget Next Generation EU RepowerEU United States Inflation Reduction Act ~6901 €bn over a 7 year period ~4151 $bn Over a 10 year period Long term support increased in the face of short-term energy crisis 1. Energy and climate objectives 5#7The Group in the energy context enel#8The Group positioned into the right energy trends enel CMD 2019 Capital Markets Day Strategic Plan 2020-22 enei Global outlook: electricity is winning the energy battle (000 TW) enel CMD 2020 .pital Markets DAY November 24th 2020 enel Our next 10 years Share of electricity on total energy consumption? End use avg. Investments needed for electrification (USD Tryear) The energy world will be completely transformed over the next decades... +11.5 23 34.5 + 1 bn electric cars 2.50 24% 43% 2018 1 Source EA WEO 2019 509 -2x +2.8 bn air cond. 19 +2 bn heat pumps. 1,0 0,4 2018 2019-30 2031-2040 -4x Europe 2040 enel (TW) 12.0 Global RES Capacity +4x 2.7 2019 2040 CMD 2021 enel CAPITAL MARKETS DAY ...will see electrification as the most important trigger... IRENA 56% Share of capacity connected to distribution grids' 33% +23 PP Bloomberg lea Bloomberg 50 2019 2040 lea (KTM) 33 +43% Electrified energy consumption 23 2019 20401 Source EA WorldEnergy Ounook 2020 Butanas Developme 1. Eumpe Grid data tromÊNEF E02020 EumpeFigu IRENA [email protected]°C lea Temperature <2°C increase >2°C Bloomberg 20 2019 level 15 20 30 40 50 60 70 80 901 100 Renewable generation (%) At 2050 | Source Graph-internal elaboration based on IEA (2021) World Energy Outlook 2001 | BNEF (2021) New Energy Outlook IRENA (2020) Global Renewables Outlook IRENA (2021) World Energy Transition Outlook enel At least a 50% rate of electrification is needed in 2050 in order to reach 1.5°c 7#9A business mix built over years to capture clean electrification opportunities enel Renewable Generation H Accelerate decarbonisation to achieve energy independence and tackle climate change ~3x Wind and solar production 2022 vs 2015 Customers | 83 * Grant clients energy and services at affordable prices over the long term > -40% Price to our customers vs. market price in 20221 Grids 1. | Ï Fixed price sales, Italy and Spain Invest in grids to enable higher energy security & reliability > -20% SAIDI in 2022 vs. 2019 8#10Managerial actions supported Group's performance enel 2020 2021 EBITDA 18 €bn 19.2 €bn -7% Power demand Market disruption compensated by Managerial actions -24% BRL devaluation -10% Prices set in 2020 Hydro shortage -20% & gas disruption in Chile Digitalization and platformization ensured business continuity Open fiber cash in COVID -19 2022 19.7 €bn Loss in hydro -30% production in EU Power prices 2x increase & higher open position Integrated margin management Russia-Ukraine conflict 9#11A stronger-than-the-sector financial profile was preserved enel 3.7 ND/EBITDA evolution (€bn) 2.5 2.5 3.4 2.8x net of government interventions 3.2 3.2 3.1 2.7 2019 2020 2021 2022 Enel Peers avg1. 1. European Utilities ND/EBITDA below sector average despite governments' interventions weighting 5.4 €bn on 2022 financials 10#12Enel's strategic actions enel#13Enel 2023-2025 plan in nutshell enel Acceleration of clean electrification 1,2 ~90% sales₁₁2 covered by GHG free sources 75% RES production on total¹ ~80% digitalized grid customers1 Business & geographies strategic repositioning 21 €bn 2022-25 disposal plan³ 6 core countries Growth and financial strength +9-10% Net Income 2022-25 CAGR 28% FFO/ND from 2023 0.43 €/sh minimum DPS4 1. In 2025. 2. Fixed price sales, core countries. 3. Total net debt impact, post tax. 4. In 2024 and 2025 12#14Enel strategic actions Pursue an 1 integrated position across the value 2 chain to serve our customers in their electrification journey 3 4 enel Balance customers' demand and supply to optimize the risk/return profile Decarbonization to ensure competitiveness, sustainability and security Reinforce, grow and digitize networks to enable the transition Streamline our portfolio of businesses and geographies 13#151 2 3 4 Balancing customer demand and supply enel Fixed power sales1 (TWh) Fixed power sales coverage1 +7% ~200 ~185 2022E 1. Core countries ~75% ~80% Affordable price offering to customers based on fixed price contracts ~70% covered by GHG free sources ~90% covered by GHG free sources More effective commercial strategy granted by a higher coverage from RES production 2025 2022E 2025 % total own production % on total sales 100% & long-term PPAs Clean energy coverage enhances margins and reduces short term risks 14#161 2 3 4 1. Services and infrastructures will foster the switch from fossil energy to clean electricity Repricing (€/MWh)1 Services offering enel 2023 -20% 2022 2025 0 | Storage behind the meter (MW) 75 352 2025 است Fixed price offered to free market clients in Italy and Spain Demand 8.5 12.4 Response (GW) Offering to customers integrating commodity and services Tailored strategy on B2B, B2C & B2G to address affordability and sustainability needs Accelerating the roll out of charging points to reinforce the integrated commercial strategy 15#171 2 3 72 1. 2. Investments in renewables to target sustainability, independence and affordability Renewables pipeline¹ (GW) Additional RES Capacity2 enel 462 293 3% 18% 158 27% 11.2 Gross Pipeline Early stage Mature In execution 21 GW 52% It includes BESS (around 48 GW in early stage and around 26 GW in mature pipeline) It incudes 2 GW capacity under the stewardship business model 9 GW new capacity in Europe to increase sales coverage 10 GW in US and Latam backed by long term PPAs 2 GW development into promising markets trough stewardship business model 16#181 2 3 4 Zero Emissions as a business driver enel 2022 2025 2030 2040 Scope 1 Generation¹ 229 130 72 (gCO2e/kWh) Scope 1 & 3 Zero Integrated Power¹ 218 135 73 Emissions (gCO2e/kWh) CO2 Scope 3 Gas Retail¹ 22.9 20.9 11.4 (MtCO2e) 1.5°C SBTI certified co₂No use of carbon removal 1.5°C SBTi certification covering GHG emissions (Scope 1, 2 & 3) along the whole value chain2 1. Targets do not include M&A plan 17 2. Target on remaining Scope 1,2 & 3 emissions have also been certified. 2030 target 10.4 MtCO2; 2040 target -2.5 MtCO2e (to be neutralized to achieve Net Zero)#191 2 3 Supporting the strategic reshaping of the supply chain in key areas 3Sun Gigafactory enel Stewardship model Yearly +15x 3,000 MW Production by 2024 vs current 200 MW 2 Modules' >30% +7 p.p. vs current 23.5% efficiency Factory +2x 100k Area (sqm) by 2024 vs current 50k Jobs created ~1,000 Sicily, Catania First and only factory in the world to produce HJT solar panels 18#202 3 Our strategy in grids is to concentrate in countries where the transition to a green future accelerates Enel's Grids and the green future index ranking world map1 enel Climate ambition Highest Lowest 1. Source: MIT Technology Review Insights, The Green Future Index, 2021 Focusing on quality, resiliency and digitalization of distribution grids in countries most committed to clean electrification 19#212 3 Networks are key enablers of clean electrification already happening New connections request to Enel grids (k) enel 222 5x 574 Grids to cope with increasing requests of connection from distributed energy Network hosting capacity as key value creation tool in the future Regulatory frameworks must act as facilitator of this massive transformation towards Net Zero targets 110 2020 2021 2022 20 20#222 3 3 A more concentrated focus to better deliver security, enel digitalization and efficiency Avg. capex per client (€/cl) SAIDI (min) Digitalized grid customers +17 p.p. -80% 63% -150 +21% -35% 231 -80 ~66 1. 34 2020-22 2023-25 2022 2025 2022 2025 Opex/Cust.1 (€/cl) In real terms 33 21 21#232 3 4 12 Re-shape our global presence and businesses coherently with our strategy boosting value creation enel Optimize footprint and 1 extract value from asset base 2 Optimize footprint and asset base Exit from businesses and geographies less fitting with Group's strategy Continued stewardship model in Tier 2 Countries Leverage on market opportunity to initiate exit from gas activities Main focus of actions in 2023 22 22#242 3 4 A simpler structure with high growth potential enel RES 33 capacity RES 15 capacity 32 Customers 33 RAB 1. RES 19 capacity 18 Customers 8 RAB 8 RES capacity enel ROW 75 50 41 RES Capacity1 (GW) Customers RAB (mn) (€bn) 6 Core Countries It includes around 4 GW of BESS capacity 2025 -80% EBITDA from EU and US +5 p.p. Group NI/Total NI vs. 2022 28% FFO/ND 23#25Sustainable profitability enel#26An investment plan that maximizes the value of our integrated model Gross capex by business enel ရှာ 40% 2023-25 ~37 €bn 50% 10% Integrated commercial strategy Investments driven by integrated margin maximization Steady flow of investments on grids as a key enabler of the electrification Growing commodities and services offering 25#27Enel's evolution through 2025 RES Capacity 1 2022 59 GW 2025 75 GW enel RES Capacity 66% 79% on total1 GHG free CO₂ 63% 83% production on total Fixed power sales ~75% -80% on total² A compelling positioning to lead and grow ସ Fixed sales covered by -70% GHG free sources² ~90% Digitalized 63% grid customers -80% further in the electrification decade SAIDI (min) 231 ~150 26 1. It includes BESS capacity. 2. Core countries, 2022E.#28Value creation for all of our stakeholders enel Financial community Value creation spread ~350 Clients Reduction of household power price 1 -20% Planet Employees Suppliers 骨 Partners 탕탕 Communities Scope 1 Generation GHG emission intensity2 Cumulated GDP created by local investments Upskilling and reskilling programs on overall training³ Supplies' value covered by Carbon Footprint certification³ Transition investments through partnerships 1. Re-pricing 2025 vs 2023. Fixed price offered to free market clients. 2. Target does not include M&A plan 3. In 2025 -43% ~70 €bn 40% 75% ~15 €bn 27 27#29Alberto De Paoli CFO enel#30Investing in our integrated strategy enel#31Our investments in the next three years will be concentrated in core countries 2023-25 Gross capex by business and geography enel ရှာ 40% 2023-25 50% ~371 €bn 10% Integrated commercial strategy 1. It includes 1.3 €bn related to stewardship model Integrated commercial strategy Grids 13% 23% -221 €bn 37% SDGs Capex alignement -94% 11 13 CLIMATE 27% Italy Spain Latam EU Taxonomy capex alignement 17% US >80% THE EU TAXONOMY 65% 18% 15 €bn 30#32Power Generation & Retail: Capex, EBITDA evolution and value creation Cumulated capex Customers enel EBITDA evolution over 2022E-2025 (€bn) CAGR ~13% 16% FY 2022 Pro forma² 14.9 (0.8) (0.4) 5.8 (0.1) 1.8 2023-25 10.5 10.4 1.5 ~221 €bn 2.2 2.3 10.6 84% 4.8 Generation IRR-WACC SPREAD -300 bps 2022E Pro forma 2 Integrated Regulated Commercial Business Business Gas Business Trading 2025 & other countries 1. It includes 1.3 €bn related to stewardship model. 2. It excludes perimeter for 0.7 €bn. 31#332022E-25 Integrated commercial business: EBITDA evolution +7% Fixed price volumes 75% RES production on total 0.6 1.1 1.7 0.2 enel CAGR -15% -100% Sales covered by own production & LT PPAS 4.8 2.2 7.0 10.6 2022E Exogenous factors normalization 2022E Normalized I Increase in volumes Services RES penetration Sales coverage 2025 +1.9 €bn Commercial strategy +1.7 €bn Sourcing strategy 32 32#3419 GW renewable development in core countries Cumulated Capex in core countries Capacity in core countries 2023-251 enel 1. 28% 2023-25 ~17 €bn 14% 26% Additional capacity Capacity @2025 (GW) -11 GW ~17 22% 27% 32% 2023-25 + -4 GW ~18 ~19 GW 25% 26% ☐ ~4 GW ~4 V ~26 Italy Spain US Latam It includes managed capacity and BESS 33#35The integrated commercial business is set to grow at 15% CAGR over the plan Integrated commercial business (€bn) 2025 Integrated comm. business coverage³ CAGR -15% €bn 4.8 enel 2025 RES Cumulated Capex IRR-WACC €bn bps 6.7 5.9 >300 3.4 10.61 7.0 1.12 5.0 2.2 4.8 2022E Normalized 2025 2.0 2.8 ~200 34 1. It excludes tax partnership and incentives for around 0.7 €bn. 2. It includes tax partnerships and incentives for around 0.7 €bn. 3. Fixed sales#36Grids: Capex, EBITDA evolution and value creation Capex by nature enel EBITDA evolution over 2022E-2025 (€bn) Connections Quality & Resiliency FY 2022 Pro forma1 42% 2023-25 47% ~15 €bn 11% 7.0 7.0 Digitalisation IRR-WACC SPREAD ~150 bps 1. Net of perimeter for 0.8 €bn and stewardship for 0.5 €bn +4% 0.1 0.1 0.2 (0.1) 7.3 EBITDA RAB 2022E pro forma1 WACC & Efficiency Regulation FX 2025 35#37Grids investments deliver RAB growth within stable enel regulatory frameworks Capex by geography 17% 2023-25 ~15 €bn 1. Net of M&A 83% RAB (€bn) 39 +5% 41 8 8 33 31 20221 2025 Europe Latam Regulatory frameworks Securing stable and visible returns Supporting throughout market disruptions Adapting to a changing environment 36#38Improvements into unitary KPIs across geographies enel EBITDA evolution (€bn) FY 2022 +4% Pro forma² 7.0 7.0 2022E Pro forma 7.3 2025 Capex/ % digitalized 2025 EBITDA IRR-WACC customers customers €bn €/cl bps 4.0 93 140 1.8 61 100 * 1.5 42 -200 42 37#39Stewardship model complements our development strategy enel Stewardship Total investments model 2022 2025 1.5 €bn 2023-25 EBITDA Third parties RES Capacity1 (GW) 6.3 12.1 2x 1.2 €bn Electric buses 1.8 9.8 5.4x (k) 2023-25 ~15 €bn Net equity contribution @2025 Credit cards 1.9 4.2 2.2x (mn) 1.1 Gigafactory 200 3,000 15x 1.3 yearly prod. (MW) 1. enel Equity injections Capex 2025 includes BESS for 2.2 GW 2023-25 Smart meters sold (mn) 27 2.5-3.0 €bn Enel's stake equity value in 2025 ~20% Equity IRR 38#40Strategic repositioning enel#41ASSETS & VALUE CRYSTALLIZATION COUNTRIES Execution concentrated early in the cycle 2022 Exit from Russia Sale of TX in Chile Gas portfolio value crystallization in Chile Disposal of Goias grid and Fortaleza CCGT in Brazil Gridspertise Stewardship and RES valorization 2023 Exit from Romania Exit from Peru Sale of Argentina Gen. Sale of Argentina DX Stewardship: Australia, Greece Gas portfolio value crystallization in Spain Sale of Cearà in Brazil Crystallization of RES asset value 2024 US assets value crystallization Enel X Way value crystallization 40 enel#42Impacts on economics and financials 2022 2023 2024 enel EBITDA1 -0.1 -1.3 -2.8 POST TAX (€bn) IMPACT Net Income² ON NET -0.4 -0.9 (€bn) DEBT Net Debt² (€bn) -5.9 -12.2 -2.8 -21 €bn 1. Yearly impact 2. Yearly impact, post tax EV/EBITDA of ~8x 41#43Financial management enel#44Visible improvement of credit metrics in 2023 enel FY 2022 60.1 Net Debt evolution (€bn) ND/EBITDA Credit metrics FFO/ND -9 €bn FY 2022 3.1 +11p.p FLAT FLAT 58-62 FY 2022 3.0x- 2.4x 3.3x 2.5x 51-52 15% 28% 17% 2022E 2023 2022E 2023 2025 2022E1 2023 2025 1. Calculated on mid-point range 43#45An extremely low exposure to credit tensions LT debt maturity by year1 (€bn) Bearing cost 4% enel Refinancing strategy for LT maturities 2023-25 Amount Expected (Єbn) cost Centralized refinancing 11.7 3.5% Countries 20.7 1.8 8.3% 10.9 7.0 Total 13.5 4.1% 2.8 2023 2024 2025 Cum. 2023-25 1. As of December 31st, 2022 44#46Stable cost of debt despite rise in rates Cost of debt evolution 2022-25 3.5% 3.5% 3.4% 3.3% 6-7 years debt average life1 2022 2023 2024 2025 1. Average 2023-2025 enel Stable cost over the plan thanks to the structure of our debt built over years through continues optimization and managerial actions 45#47Intrinsic de-risked characteristics of our debt Centralized financing Gross debt structure 2025 20% 2025 Floating 25% enel 2025 Gross debt and EBITDA by currency Gross debt¹ EBITDA Euro 84% 75% USD 11% 10% Latam 5% 15% >80% 75% currencies Share of centralized financing Fixed Hedged Other 0% 0% 1. After swaps 46#48Our sustainable finance is at the core of our financial strategy Sustainable finance sources (€bn)1 Drawn Total amount² amount² KPIs³ Sustainable sources on total 13 Bonds 30 30 Loans 13 12 RCFs 20 - ЯНОВТАНЦА CLEAN ENERGY ACTION +7 p.p. 13 MATE ACTION 13 MATE ACTION 2022 enel 2025 70% 13 CLIMATE CLEAN ENERGY CPs 18 6 63% Total 81 48 1. 2022E. Enel, EFI, EFA, Endesa and Enel Chile 2.Nominal values of the Programs, it includes, Sustainability-Linked instruments,.Green bonds and subsidized finance 3. KPIs refer only to Sustaibalility-Linked instruments 47#49Plan de-risking enel#50Operational de-risking Spot purchases Fixed sales sourcing mix1 EBITDA currency exposure EUR Latam USD enel Contracted/regulated EBITDA (€bn) 3% 15% 10% 24% 10% Thermal 12% generation 29% 90% 2025 22.2-22.8 2022 GHG 75% 64% free sources production 68% 2022E 2025 2022 2025 2022 sourcing cost reduction @2025 mix: -40% Sourcing cost volatility index: -100bps 1. Including LT PPAs Currencies repositioning avoids 150 €mn negative impact every 10% devaluation of local currencies -80% 49#51Financial de-risking Liquidity position Committed Credit Lines Avg. yearly LT refinancing (€bn) 36% ~30.61 €bn 13.1 64% Cash 1. As of December 31st, 2022 -65% 4.5 2020-2022E 2023-2025 enel Liquidity/ > 1.8x 2023-25 LT financing needs -400 Short term/ Gross debt bps 2025 vs 2022E 50#52Targets enel#53Solid and sustainable growth enel 2022 2023 2024 2025 CAGR EBITDA (€bn) 19.7 20.4-21.0 21.4-22.0 22.2-22.8 4-5% Net Income 5.4 6.1-6.3 6.7-6.9 7.0-7.2 9-10% (€bn) DPS (€/sh) 0.40 0.43 0.43 0.43 Minimum DPS 52 62#54Closing remarks enel#55Closing remarks Maximisation of our integrated position Focus on core countries Financial position strenghtening Leveraging on people passions and skills enel Stakeholders value creation and distribution 54#56Full Year 2022 Consolidated results enel#57Key highlights Business performance and managerial actions secured operating and financial trajectory of the Group 1 2 3 4 enel 2022 Results hit the guidance thanks to our integrated and resilient business model Operating evolution fully in line with our strategic guidelines Final phase of strategic repositioning: execution well advanced 0.40 €/sh DPS for 2022 2023 fixed DPS entails high single digit growth 56#58123 4 Enel's Integrated business model absorbed the shocks of 2022 Ordinary EBITDA by business Ordinary EBITDA evolution (€bn) T 8.3 FY 2022 19.71 €bn 9.9 19.2 +3% enel (0.9) 1.5 (2.0) 2.0 (0.5) 0.4 ~1.5 €bn integrated business 19.7 1.7 Integrated business FY 2021 Grids Generation Retail & Enel X Portfolio optimiz. Steward.² Delta non recurring FY 2022 & Other 1. The split does not include "Services & Other" for around (0.2) €bn 2. It includes delta capital gain for (0.95) €bn and recurring contribution from stewardship for 0.1 €bn 57#591 2 3 234 Operating delivery capabilities pushed results above enel targets and supported a structural growth Ordinary EBITDA (€bn) Ordinary Net Income (€bn) +10%― ABOVE GUIDANCE 19.7 19.2 17.9 17.9 +13% EBITDA and ABOVE GUIDANCE Net Income for 2022 5.6 5.4 above the 5.2 4.8 CMD 2022 guidance FY 2019 FY 2020 FY 2021 FY 2022 CMD Guidance 19.3-19.6 FY 2019 FY 2020 FY 2021 FY 2022 CMD Guidance 5.0-5.3 58#601 2 3 4 Net debt within guidance in spite of 5 €bn impact from governments' measures still to be recovered Net Debt (€bn) enel 58-62 62.0 60.1 CMD Guidance 58.0 Mid-point of the 9.1 €bn FFO thanks to sound recovery in EBITDA and in working capital 5.4 €bn government measures' impact still to be recovered Strategic repositioning contribution CMD Guidance FY 2022 59#611 2 3 284 2022 continued to show a strong operating delivery, along our strategic guidelines Progressive de-risking of generation RES capacity on total¹ +14 pp Enabling electrification Free market customers (mn) +4.4 mn enel High quality grids SAIDI (min.) -21%- 66% 21.6 294 52% 55% 59% 19.1 259 243 231 17.2 17.4 FY 2019 FY 2020 FY 2021 FY 2022 FY 2019 FY 2020 FY 2021 FY 2022 FY 2019 FY 2020 FY 2021 FY 2022 45.8 RES capacity¹ (GW) 59.0 10 Public charging points (k) 23 43.8 Smart meters (mn) 45.8 42.2 Conventional capacity (GW) 31.0 12 Storage BTM (MW) 75 59% Digitalized grid customers 63% 60 1. It includes renewable managed capacity and BESS capacity#622 3 A strong RES development, notwithstanding supply enel chain disruptions, de-risks our generation Yearly additions¹ (GW) 2023-25 Additional capacity target¹ 1.7x 5.1 5.2 3.0 3.1 9.8 21 GW 11.2 FY 2019 FY 2020 FY 2021 FY 2022 Residual target ■In execution 1. It includes renewable managed capacity and BESS capacity Residual target covered around 7x by the 2023-25 mature pipeline 5.5 GW to be added in 2023, 100% already in execution Ready to accelerate energy independence in Europe: ~130 GW projects in pipeline in Italy and Iberia 61#631 2 3 284 Leveraging on forward hedged generation, fixed price enel sales protected customer base from energy shocks Free market customers (mn) +2.6 mn 18.7 16.1 FY 2021 FY 2022 Fixed sales on total (TWh) FY 2022 149 TWh Avg. sales price (€/MWh) 304 65% Avg. spot price Avg. fixed price offering Fixed power sales totalled 168 around 100 TWh Avg. spot price Avg. fixed price offering 62#641 2 3 Digital networks ready to host the accelerated roll out enel of distributed generation New connections 1 (GW) Smart meters (mn) +51% 20.6 45.8 mn 25.2 5.6 4.4 3.7 3.8 FY 2019 FY 2020 FY 2021 FY 2022 ■Smart meters New Smart meters 2.0 connections 90 110 222 574 requests1 (k) 1. Distributed generation New connections requests increased 6 times versus 2019 New hosting capacity to unlock future value for the energy system 600k smart meters installed in LTM 63#652 3 4 Simplification efforts embedded in our strategic vision... Latin America restructuring enel European repositioning Endesa restructuring 2014 Slovenkse Elektrarne sale Sale of Severenergia Split of Enersis into Enel 2015 Chile and Enel Americas Merger of EGP Chile 2017 into Enel Chile Launch of share swaps on Enel Chile and Enel Americas 2018 2019 Sale of Reftinskaya Stake in Enel 2020 Chile @ 65% Merger of EGP Latam into Enel 2021 Americas, Enel stake @ 82.3% 64#661 2 3 ...now entering the final leg of Group's repositioning enel European repositioning Footprint/asset base optimization NET DEBT IMPACT 2022 Latin America restructuring Sale of TX in Chile Disposal of Goiás grid Sale of Fortaleza CCGT in Brazil Exit from Russia Gas portfolio value crystallization in Chile Gridspertise valorization 5.92 €bn Sale of Argentina generation Exit from Romania 。 Costanera¹ 2023 。 Central Dock Sud Sale of Argentina distribution Exit from Peru Sale of Cearà in Brazil 1. 2. Deal closed It includes impact of assets classified as HFS and capital gain from stewardship model Stewardship and RES valorization Stewardship: Greece, Australia > Gas portfolio in Spain Crystallization of RES asset value 12.2 €bn 65 DE#671 2 3 4 Simple and predictable shareholder remuneration enel Dividend per share (€/share) 1.2x 0.40 0.38 0.358 0.328 2019 2020 2021 2022 1. As of March 15th, 2023 Solid and visible improvement in shareholder remuneration with TSR at 110% 1 from 2015 66#68Full Year 2022 Financial results enel#69Results unaffected by volatile environment: guidance exceeded at EBITDA and Net Income level EBITDA1 Net Income¹ Net Debt enel 19.7 19.3-19.6 5.4 58.0-62.0 60.1 5.0-5.3 CMD Guidance FY 2022 CMD Guidance FY 2022 CMD Guidance FY 2022 FY 2021 (€bn) 19.2 5.6 51.7 1. Ordinary figures, it excludes extraordinary items in FY 2021 (-1,977 €mn: -53 €mn donations and emergency costs COVID-19, -1,590 €mn energy transition and digitalization funds, -334 €mn HFS Greece, Russia and Romania) and in FY 2022 (+235 €mn: +702 €mn M&A activities, -33 €mn donations and emergency costs COVID-19, -137 €mn HFS Greece, Russia and Romania, -297 €mn energy transition and digitalization funds) 68#701. 15 €bn investments deployed in 2022 to secure future enel EBITDA growth Gross capex by business and geography ရှာ 40% FY 2022 14.51 €bn 52% 8% Integrated business Grids Integrated business 4% 21% 29% 8.6 €bn 17% 29% Italy 3% Spain Latam North America 34% ROW 5.7 €bn 48% 15% It includes "Services & Other" for around 0.2 €bn and capex related to assets classified as HFS for 0.2 €bn 60% of capex deployed to improve our integrated business Focus on expanding the commodity and services offering Investments in grids to improve quality and efficiency 69 69#71EBITDA above guidance on sound business performance Ordinary EBITDA by business Р 8.3 FY 2022 19.71 €bn 1.7 enel Own production/Fixed power sales² RES production/Fixed power sales² +8 p.p. --2 p.p.¬ 78% 86% 47% 45% FY 2021 FY 2022 FY 2021 FY 2022 9.9 Integrated business ୮ RAB/grid customers (€/cl) +7% Capex/grid customers (€/cl) +6% T 577 75 619 71 FY 2021 FY 2022 FY 2021 FY 2022 70 1. 2. The split does not include "Services & Other" for around (0.2) €bn Core countries#72enel Integrated business: geographical diversification ensured economics protection Group Ordinary EBITDA Integrated business: Ordinary EBITDA evolution (€bn) -+16%- 0.4 8.3 FY 2022 19.71 €bn 11.2 (1.5) 9.9 0.3 1.2 0.4 1.6 (0.3) 11.2 11.6 FY 2021 Italy Iberia Latam Integrated business Stewardship integrated business North America Delta non FY 2022 Steward. FY 2022 recur. & Other excl. Steward. FY 20212 4.2 1.8 2.5 0.6 0.8 Grids FY 2022² 2.7 3.4 3.7 0.9 0.5 1. Split does not include "Services & Other" 2. It excludes 'Non Recurring items' 71#731. Integrated business: focus on Italy Ordinary EBITDA evolution (€bn) -36% 4.2 (1.6) (0.5) (0.3) 0.9 2.7 enel Power Free affected by dynamics on sourcing costs Power Regulated decline driven by lower contribution from regulated plants FY 2021 Power Free¹ Power Regulated² Gas 3 Trading & Gen. services 4 FY 2022 FY 2021 1.6 1.1 0.8 0.7 Trading benefitting from portfolio optimization FY 2022 0.6 0.5 1.6 Retail Free market, not regulated renewables, thermal generation Enel X services 2. Regulated generation and retail 3. Gas retail and wholesale 4. Trading and generation services 72#74Power Free: dynamics in Italy Fixed sales and coverage (TWh) Unitary margin dynamics (€/MWh) Price 1.5x ~140 54 48 16% -1 TWh Market purchases ~90 21% FY 2021 FY 2022 33% +14 TWh 54% TGX Cost¹ 2.9x ~125 46% 30% -7 TWh Renewables FY 2021 FY 2022 1. Unitary cost of sourcing ~40 FY 2021 FY 2022 enel Unitary margin down 70% yoy impacted by unexpected higher sourcing costs not passed through customers' bills 73#75Grids up by 8% yoy, supported by the positive performance in Latam Group Ordinary EBITDA 11.6 FY 2022 19.71 €bn 7.8 05 Grids ordinary EBITDA evolution (€bn) +8% 7.7 (0.0) (0.1) (0.2) 0.6 (0.3) 7.8 enel 0.5 8.3 FY 2021 Italy Iberia RoE Latam Delta FY 2022 Steward. FY 2022 Grids Stewardship grids non excl. recurr. Steward. Integrated business FY 20212 3.7 1.9 0.1 1.8 0.1 FY 20222 3.7 1.8 (0.1) 2.4 (0.2) 1. Split does not include "Services & Other" 2. It excludes 'Non Recurring items' 74#76Capex deployment to foster RAB growth Gross capex by nature Connections 32% FY 2022 5.7 €bn 50% 18% Digitalisation enel RAB (€bn) +4%^ Positive regulatory frameworks Enel Dx Sao Paulo Tariff increase approved end of June (c.+12%) 43 Perimeter 1.3 42 Quality & Resiliency 45 Enel Dx Ceara Tariff increase approved in April (c.+25%) FY 2021 FY 2022 RAB up by 7% Enel Dx Río Tariff increase approved in March (c.+17%) net of perimeter effect 75#77Net Income above guidance, driven by growth in EBITDA and lower financial expenses Net Ordinary Income evolution (€bn) enel -3% (0.9) 1.4 (0.6) 0.2 0.2 (0.6) EBITDA 5.6 5.4 FY 2021 Owner. Steward.¹ D&A Financial Taxes Minorities FY 2022 charges² 1. 2. It includes delta capital gain for (0.95) €bn and recurring contribution from stewardship for 0.1 €bn It includes income on equity Amortization increase due to higher capex deployed and FX, bad debt in line with historical level Cost of debt at 3.3%, -20 bps yoy supports reduction of financial charges Different geographical mix on earnings drives minorities evolution 76#78FFO: +8 €bn in Q4 driven by the expected recovery in working capital Cash flow (€bn) enel ANWC impacts evolution (€bn) 19.7 (2.0) ( 2.0 ) (4.2) (1.9) (2.4) 9M FY Govt & regulatory (5.0) (2.4) 2.6 measures Energy market context (3.7) (2.2) 1.5 Capex (1.1) 1.1 seasonality 9.1 Other & Managerial actions 1.2 0.4 Total (8.6) (4.2) Ordinary ANWC & EBITDA Provisions 1 Other A Income taxes Financial expenses 2 FFO PY 19.2 (2.0) (0.8) (1.8) (2.8) 11.8 1. 2. Accruals, releases, utilizations of provisions in EBITDA (i.e. personnel related and risks and charges). Includes dividends received from equity investments. 77#79Q4 2022: Initial recovery of the impact of governments' measures Government measures impact¹ (€bn) --2.6 €bn ~8.0 - Italy 1 System charges elimination Tariffs equalization recognition Coal/gas mandatory stock Spain ~5.4 Price cap on gas 5.0 2.4 2021 3.1 Stock 9M 2022 ~5.4 €bn 3.1 FY 2022 still to be recovered 1. Rounded figures Gas mandatory stock System charges reduction > CO₂ regularization enel FY 2021 9M 2022 FY 2022 2.4 5.7 4.3 0.7 1.7 0.8 Romania 0.6 0.3 Price cap on supply business TOTAL IMPACT 3.1 ~8.0 ~5.4 78#80Net Debt at 60 €bn in line with mid-point of the guidance range Net debt evolution (€bn) 51.7 (9.1) ND/EBITDA enel 3.0x-3.3x 3.3x 3.1 1.5 5.0 3.0x 14.5 (3.5) 60.1 Low end of the CMD Guidance Dec. 31, 20211 FFO APM Capex Dividend paids FX² Dec. 31, 2022 CMD Guidance FY 2022 FY 2021 2.7 79 19 Restated figure 1. 2. It includes foreign exchange derivatives realized in the period and new leases for 0.5 €bn.#811. 2. The Group's liquidity remained strong and stable over enel the period in spite of extreme volatility Gross Debt impact from margin calls, governments measures and energy context (€bn) Q1 2022 4.3 3.6 1.4 Liquidity position Liquidity position 9.3 25.1 Cash 11.1 H1 2022 2.6 5.3 1.4 9.3 25.9 FY 2022 30.62 €bn 19.5 9M 2022 9.0 8.0 3.7 20.7 24.7 FY 2022 6.8 5.4 2.2 14.4 30.62 Available committed credit lines¹ Margin calls Government measures Energy market context Of which 19.1 €bn of long term committed credit lines with maturities beyond December 2023 Liquidity position does not include the credit line guaranteed by SACE 80#82Cost of debt trending down thanks to proactive liability management implemented in 2021 Cost of Gross Debt enel Average LT Debt maturity (years) -FLAT- 4.1% -80 bps 6.80 6.90 3.7% 3.5% 3.3% FY 2019 FY 2020 FY 2021 FY 2022 Bond issued 6.3 0.7 10.4 12.4 (€bn) FY 2019 FY 2022 81#83Full Year 2022 Closing remarks enel#84Closing remarks enel Strong 2022 results despite extreme volatility Operational and financial resiliency back tested in the last three years Focus on accretive simplification and on growth on integrated margin countries in line with strategy Strategic development continued despite energy crisis 83#852023-25 Annexes enel#862023-25 Financial Annexes enel#872023-25 Macroscenario enel#881. Year end GDP, CPI and FX enel Italy Iberia GDP (%) CPI (%) FX against €¹ 2023 2024 2025 2023 2024 2025 2023 2024 2025 0.2 1.6 1.1 6.0 2.2 1.6 n.m n.m n.m 1.5 2.9 2.0 4.4 1.9 1.8 n.m n.m n.m Latin America Argentina (1.5) 1.2 0.5 83.3 59.0 48.3 309.0 414.0 478.0 Brazil 0.3 2.9 2.7 6.6 3.8 3.6 5.3 5.7 Chile (1.1) 2.4 2.6 7.7 3.5 3.2 929.0 924.0 5.8 941.0 Colombia 0.2 2.5 3.0 7.3 3.2 3.2 4,493.0 4,709.0 4,811.0 Peru 3.0 3.5 3.4 5.0 2.8 2.4 4.1 4.3 4.3 Rest of Europe Romania 3.0 3.5 2.6 5.2 3.1 2.5 4.9 5.0 5.0 North America USA 0.3 2.1 Mexico 0.6 225 2.4 3.4 2.5 2.0 1.1 1.1 1.2 2.5 2.9 5.5 3.9 3.5 23.0 24.4 25.0 87 40#89Commodities' prices 2023 2024 2025 Power price - Italy (€/MWh) 256.5 244.8 168.5 Power price - Spain (€/MWh) 177.0 154.0 117.0 Gas TTF (€/MWh) 110.0 110.0 66.0 Gas Henry Hub ($/mmbtu) 5.7 5.0 4.3 Gas PSV (€/MWh) 110.0 110.0 66.8 Oil Brent ($/bbl) 93.0 80.0 70.0 Coal AP12 ($/ton) 270.0 215.0 170.0 2 CO₂ (€/ton) 84.0 89.0 91.0 enel 88#902023-25 Enel Green Power enel#91Consolidated capacity 1 By technology² 64% share of RES ! 76% share of RES By geography² enel 10% 16% 16% 21% 11% 2% 16% 4% 31% 19% 8% 2022 2025 4% 84.6 GW 79.9 GW 2022 84.6 GW 8% 29% 29% 2025 79.9 GW 24% 21% 4% 33% 34% 26% 31% Hydro Wind Solar & Other Geothermal Nuke CCGT Coal Oil & Gas 1. Rounded figures 2. It excludes renewable managed capacity for around 5.0 GW in 2022 and 10 GW in 2025 Italy Latin America Iberia North Rest of Europe America Africa, Asia & Oceania 90#92Consolidated production¹ By technology² By geography² enel 50% share of RES 70% share of RES 5% 3% 15% 11% 10%1% 17% 24% 4% 21% 21% 19% 3% 2% 6% 2022 2025 13% 228 TWh 204 TWh 2022 228 TWh 2025 204 TWh 6% 24% 9% 33% 30% 29% 23% 32% 11% 28% Hydro Wind Solar & Other Geothermal Italy Latin America Iberia Nuke CCGT Coal Oil & Gas North Rest of Europe America Africa, Asia & Oceania 12 1. Rounded figures. 2. It excludes managed RES production for 11 TWh in 2022 and 25 TWh in 2025. 91#93RES Additional Capacity1 (MW) Italy Iberia enel Hydro Wind Geothermal Solar & Other Total 2023 2024 2025 2023 2024 2025 2023 2024 2025 2023 2024 2025 2023 2024 2025 4 14 17 86 196 104 400 957 108 499 1,170 11 9 3 135 639 593 959 887 1,170 1,105 1,535 1,766 1 153 156 325 1,053 159 815 1,209 637 815 Latin America Rest of Europe North America 39 800 Africa, Asia & Oceania Total 16 176 20 329 1,049 1,589 By technology 815 1,500 700 854 1,500 1,500 2,931 2,945 By geography 3,641 3,276 4,171 5,250 Managed 1,188 1,478 1,625 Total 4,465 5,649 6,875 15% 12% Italy Iberia 33% 17 GW Solar & Other Hydro 23% Latin America 17 GW 26% Rest of Europe 66% Wind 1. Rounded figures. It excludes BESS capacity for around 4 GW. 27% North America Africa, Asia & Oceania 92#94COD 2023-25 Mature Pipeline¹ (GW) By geography enel By technology COD COD 2023 2024 2025 Total 2023 2024 2025 Total Italy Iberia 0.0 1.0 3.7 4.7 Wind 2.8 15.4 18.1 0.0 3.0 5.2 8.2 Solar 0.0 13.0 27.1 40.1 Latin America 2.8 11.8 14.6 Rest of Europe 1.8 4.1 5.9 Hydro 0.0 0.1 0.0 0.1 North America 3.2 12.0 15.2 Geothermal 0.2 0.0 0.2 Africa, Asia & Oceania 4.2 5.7 9.9 Total RES Pipeline 0.0 16.0 42.5 58.5 Total RES Pipeline 0.0 16.0 42.5 58.5 BESS 5.5 7.9 13.4 BESS 5.5 7.9 13.4 Total mature Pipeline 0.0 21.5 50.4 71.9 Total mature Pipeline 0.0 21.5 50.4 71.9 By geography² By COD² By technology Italy 15% 8% 14% Iberia Latin America 71.9 GW 28% 22% Rest of Europe North America 13% Africa, Asia & Oceania 1. Rounded figures 2. It includes BESS capacity 19% 30% 25% Wind 2024 71.9 GW 71.9 GW 2025 Solar & Other BESS 70% 56% 93#95Sales Portfolio & PPAs key features¹ enel RES Portfolio Composition PPAS by Off-taker rating PPAs by Duration 6% 17% 20% 27% 28% 2023-25 2023-25 413 TWh 237 TWh 57% 26% 40% 2023-25 237 TWh 18% 39% 22% Covered by PPAs (>=3 years) AAA to A- BB+ to BB- >10 years 3-5 years Forward sales & PPAs < 3 years Hedged with retail portfolio² BBB+ to BBB- B+ to CCC- 6-10 years 1-2 years 1. As of December 31st, 2022 2. Volumes sold forward in year n-1. ~9 years average duration 94#962023-25 Grids enel#97Electricity distributed, Grid customers, Smart meters1 enel Electricity distributed (TWh) End users (mn) Smart meters (mn) 2022 2025 2022 2025 2022 2025 Italy 220 232 31.7 31.8 31.6 32.8 Iberia 132 143 12.5 12.7 12.3 13.1 Latin America 140 87 25.4 18.2 0.7 2.4 Rest of Europe 16 - 3.1 1.3 Total 508 462 72.7 62.7 45.8 48.3 1. Rounded figures. 96#98Current regulatory framework1 enel Italy Iberia Brazil Chile Colombia WACC real pre tax 2022 5.2% 5.6% 3 12.3% 7.0% 4 12.1% Next Regulatory Period 20242 2026 2023 2024 2025 Regulatory Period 4+4 Length (years) Metering 6 5 (Rio) 4 (São Paulo) 4 Owned by DSO Owned by DSO Owned by DSO Owned by users/DSO Owned by users/DSO 5 Ownership Smart meter Yes No Yes No 5 No inclusion in RAB 1. As of November 2022 2345 2. WACC update in 2025 Nominal pre tax. 97 Return rate before taxes for Chile it is an estimation given that the real WACC post-tax will be 6.0%. Chile uses a Price Cap based on VNR (NRC - New Replacement value) Smart meters are not included in the RAB but they will have a regulated remuneration#992023-25 Enel X Global Retail enel#100Power & Gas customers and volumes¹ enel Power Gas Customers (mn) Volumes (TWh) Customers (mn) Volumes (bsmc) 2022 2025 2022 2025 2022 2025 2022 2025 Italy 21.4 17.5 97.2 89.1 4.6 4.4 4.7 4.0 Free Market 11.9 12.9 78.3 76.9 4.6 4.4 4.7 4.0 Regulated 9.5 4.5 18.9 12.1 Iberia² 10.5 10.4 79.0 84.8 1.8 4.9 Free Market 6.8 7.3 70.8 76.9 1.6 4.8 Regulated 3.7 3.1 8.2 7.9 0.2 0.1 Latin America Rest of Europe Total 25.4 18.2 135.1 110.3 0.0 0.0 0.3 0.3 2.9 9.8 0.2 0.3 60.2 46.1 321.1 284.1 6.6 4.4 10.2 4.3 123 Rounded figures. Iberia includes Spain and Portugal It contemplates the impact of M&A plan currently under analysis. 99#1011. Enel X Retail KPIs Italy Iberia Latin America Rest of Europe North America Africa, Asia & Oceania Other Total enel Street lighting (mn) Electric buses (#) 2022 2025 2022 2025 2022 Storage (MW) 2025 Demand Response (GW) 2022 2025 1.6 1.8 154 1,292 - 11 0.6 1.4 0.1 0.1 294 1,270 - 0.2 0.2 1.3 1.3 4,326 7,444 1 0.1 0.2 72 536 14 1.2 2.0 268 1,611 73 249 4.6 4.8 207 812 1 78 1.9 3.8 - 3.0 3.3 5,321 12,964 75 Enel X Way. Other refers to interoperability points in Europe. 352 8.5 12.4 100#102Italian and Spanish Power Market - Forecast 2022 Italy Customers (mn) Regulated Free Total Enel market share 2 Business 1,5 5,6 7,1 38% Residential 9,8 20,1 30,0 49% Total 11,4 25,7 37,0 Enel Market share %1 80% 46%2 57% Spain enel Customers (min) 3 Regulated Free Business 0,0 0,9 Total 0,9 Enel Market Share % 22% Residential 10,5 18,4 28,9 33% Total 10,5 19,3 29,8 33% 1 Enel Market Share %* 43% 27% 33% Energy Sold (TWh) 3 Energy Sold (TWh) Enel Regulated Free Total 2 Regulated Free Total market share Business 0,0 159,2 159,2 Enel Market Share % 30% Business 4,5 207,9 212,4 Residential 23,1 45,1 68,2 29% 47% Residential 29,8 82,0 111,8 27% Total 29,8 241,2 271,0 29% Total 27,6 253,0 280,6 1 Enel Market Share % 34% 28% 29% 2 Enel Market share % 77% 32% 1. -23 Enel best estimate based on Forecast 2022 Regulated; % calculated on Total Regulated Market. Enel best estimate based on Forecast 2022 Free; % calculated on Total Free Market (not including Last Resort - "Salvaguardia" and "Tutele Graduali"). Portugal is not included. 101#103Enel Group in 2030 enel#104Enel Group in 2030 ♡ p RES capacity on total¹ Gas sold 2 Charging Points³ Demand Response SAIDI Digitalized grid customers ~85% ~3 bcm >4 mn >20 GW ~100 min 100% 1. 2. It excludes BESS It contemplates the impact of M&A plan currently under analysis 3. It includes public, private and interoperability charging points enel 103#1052023-25 Enel Group financials enel#106Gross Capex 1 (€bn) Cumulated gross capex by GBL Italy Iberia Latin America enel Cumulated gross capex by geography Italy Grids 23% Iberia Retail 39% Latin America 48% 37.4 €bn 45% Conventional generation Enel X 37.4 €bn Rest of Europe 15% North America 1% 4% 6% 5% Renewables 13% 1% Other Enel Green Power Enel X Global Retail Conventional Generation & Trading Renewables Grids Retail Enel X2 Services Total 2023 2024 2025 2023 2024 2025 2023 2024 2025 2023 2024 2025 2023 2024 2025 2023 & Other 2024 2025 2023 2024 2025 0.5 0.2 0.1 1.9 0.3 0.2 0.2 1.3 0.1 0.1 1.0 0.9 கேக 1.6 1.9 3.1 3.3 3.0 0.5 0.5 0.5 0.2 0.1 0.2 0.1 0.1 6.3 5.8 5.6 1.5 1.5 0.9 0.9 0.8 0.2 0.2 0.2 0.1 0.1 0.1 2.8 3.0 2.8 0.6 1.0 0.8 0.7 0.1 0.1 0.1 . - 2.4 1.8 1.4 0.1 - - 0.2 0.8 1.8 2.1 21 0.1 0.1 0.1 0.9 2.0 2.2 Rest of Europe North America Africa, Asia & Oceania - Total 0.9 0.5 0.4 5.0 5.7 5.9 5.2 5.1 4.5 0.8 0.7 0.7 Total Capex 2023-25 1.8 16.6 14.7 2.2 1. 2. Rounded figures. It includes Enel X Way. . 0.5 0.6 0.5 0.2 12 1.6 - 0.2 0.1 12.7 12.6 12.1 0.5 37.4 105#107enel Asset Development Capex¹ (€bn) Cumulated gross capex by GBL Cumulated gross capex by geography Italy Iberia 29% 1% 4% 2% Latin America Rest of Europe North America Africa, Asia & Oceania Total Total Capex 2023-25 1. 2. 23.3 €bn Italy Grids 23% Iberia Conventional generation Enel X Latin America 45% 23.3 €bn Rest of Europe 12% Renewables 64% North America Other 20% Africa, Asia & Oceania Enel Green Power Enel X Global Retail Conventional Generation & Trading Services Renewables Grids Retail Enel X2 Total & Other 2023 2024 2025 2023 2024 2025 2023 2024 2025 2023 2024 2025 2023 2024 2025 2023 2024 2025 2023 2024 2025 0.4 0.1 1.7 1.4 1.7 1.7 1.9 1.5 0.1 0.1 0.1 3.9 3.5 3.3 1.2 1.4 1.4 0.4 0.4 0.3 - 0.1 0.1 1.6 1.9 1.8 0.9 0.7 0.5 0.2 0.2 0.2 1.1 1.0 0.7 Rounded figures. It includes Enel X Way 0.7 1.7 2.0 - - - 0.1 - 0.7 1.8 2.1 0.4 0.1 4.4 5.1 5.4 2.3 2.5 2.0 0.3 0.3 0.3 7.4 8.1 7.7 0.5 15.0 6.8 0.9 0.1 23.3 106#108Group Ordinary EBITDA1 (€bn) By GBL² By geography² 3. 123 22.2-22.8 22.2 22.8 1.3 19.7 19.7 6.3 0.1 0.1 4.3 3.8 0.9 0.6 06 2.5 6.0 5.4 6.1 6.0 8.3 7.3 5.2 11.4 6.5 enel 2022 2025 2022 2025 Grids Enel X3 Italy Latin America Rest of Europe Global Retail Renewables Iberia North America Africa, Asia & Oceania Conventional Rounded figures generation Other is not include in the breakdown It includes Enel X Way 107#109Enel Green Power Ordinary EBITDA1 Ordinary EBITDA (€bn) Renewables By geography - enel 14% 22% 18% 20222 2025 23% 3.8 €bn 56% 6.3 €bn 9.9 18% 8.8 42% 5% 2.5 6.2 Conventional Generation - By geography 6.3 4.0 2022 Renewables 1% 12% 2022 45% 6.1 €bn 42% 40% 2025 2.5 €bn 59% 2025 1% Conventional generation Italy Iberia Latin America North America Rest of Europe Africa, Asia & Oceania Other 108 1. Rounded figures. 2. The breakdown does not include Italy for around (0.6) €bn.#110Grids Ordinary EBITDA1 Ordinary EBITDA (€bn) EBITDA - By geography enel 1. 2. 8.3 7.3 47% 2022 8.3 €bn 20222 2025 Rounded figures It includes 0.8 €bn of perimeter and 0.5 €bn of stewardship 21% 32% 56% 2025 7.3 €bn Italy Iberia Latin America Rest of Europe Other 24% 20% 109#111Enel X Global Retail Ordinary EBITDA1 Ordinary EBITDA (€bn) Global Retail - By geography 2. 123 6.6 0.6 36% 20223 1.1 €bn 29% 6.0 1.7 0.6 1.1 20222 2025 Global Retail Enel X & Enel X Way Rounded figures It includes stewardship for around 0.3 €bn This breakdown does not include Rest of Europe for around (0.1) €bn enel 24% 2025 6.0 €bn 5% 71% 35% Enel X & Enel X Way - By geography 12% 37% 9% 15% 2022 55% 0.6 €bn 17% 2025 0.6 €bn 9% 22% 7% 5% 10% 2% Italy Iberia Rest of Europe Latin America North America Africa, Asia & Oceania Other 110#112Ordinary EBITDA by GBLs1 (€bn) 1. 2. Italy ~11.4 5.2 1% 2% 25% Iberia ~5.4 31% 33% 6.5 7% 1% 2% 37% 27% 33% 7% 49% 57% 35% 2022 2025 18% 2% 1% 20% 12% 2022 2025 Renewables Grids Global Retail Conventional generation Power Generation² Other Rounded figures. It includes Renewables and Conventional Generation enel Enel X and Enel X Way 111#113Ordinary EBITDA by GBLs1 (€bn) Latin America² enel North America Africa, Asia & Oceania2 ~1.3 ~0.1 6.0 ~4.3 40% 5% 0.1 41% 32% 7% 0.9 12% 7% 2% 3% 95% 100% 59% 39% 58% ~100% 2022 2025 2022 Renewables Grids 1. Rounded figures. 2. The breakdown does not include Other in 2022 and in 2025. Global Retail 2025 2022 2025 Conventional generation Enel X and Enel X Way 112#114Sensitivities enel#115Currencies Cumulated EBITDA by currency Euro 72% 2023-25 64.8 €bn 17% Latam Other 1% 10% US Dollar 10% revaluation local currencies vs EUR 10% devaluation local currencies vs EUR -10% +10% enel 2023-25 EBITDA & Net Income impact (€bn) EBITDA NET INCOME EBITDA NET INCOME 0.60 0.20 0.05 0.02 1.83 0.47 0.25 0.64 0.71 0.17 -0.49 -0.16 -0.53 -1.50 -0.04 -0.02 -0.38 -0.21 -0.58 -0.14 14#1162023-25 ESG Annexes enel#117Sustainability strategy enel#1181 Our strategy for sustainable progress We create long-term value with and for all our stakeholders, helping them to grow and meet challenges... > Just Transition for Enel's People Inclusion & Uniqueness Wellbeing & Welfare Sustainable Supply Chain Long-term climate strategy Sustainability initiatives with communities Human Rights Policy ...supporting sustainable progress GOALS enel Sustainable development along the entire value chain ...promoting the protection of 2 natural capital and biodiversity... Biodiversity Water Pollutants and waste 4 through innovation, digitalization and PEOPLE the circular economy Circular economy Cyber Security Innovation Sustainable Value Creation in the long term 13 >> ZERO EMISSIONS' AMBITION ་ ་ CLEAN ELECTRIFICATION GROWTH ACCELERATORS BACKBONES NATURE ...with continuous improvement in health and safety objectives... Health & Safety Focus on Advocacy for Climate Enel position in main ESG ratings Net Zero Company Benchmark 3 117#119Long-term climate strategy enel#120AFFORDABLE AND INDUSTRY, INNOVATION AND INFRASTRUCTURE SUSTAINABLECITIES AND COMMUNITIES 13 ACTION CLIMATE Long-term climate strategy: partnering with all our stakeholders in the fight against climate change Financial Community & Partners Planet Clients Employees & Communities enel Enel capex plan fully aligned with 2040 Net Zero targets Sustainability-linked instrumetns to finance Enel decarbonization strategy Exit from coal generation by 2027 & gas generation by 2040 100% RES fleet by 2040 Exit gas retail by 2040 pushing on electrification of uses 100% sales from RES by 2040 while closing the open position Enel fully supports the principles of a just transition, so that no one is left behind even in the short term Suppliers Decarbonize the supply chain by 2040 119#121People enel#122AFFORDABLE AND CLEAN ENERGY DECENT WORK AND ECONONIC GROWTH 13 ACTION CLIMATE 16 AND STRONG PEACE, JUSTICE INSTITUTIONS Just Transition for Enel's People Professional orientation and training for the development of our people and their skills, even more in situations impacted by the energy transition, is key to requalifying and enhancing existing potential which translates into: People centricity 2022E enel Human Rights Policy Internal redeployment and upskilling/reskilling processes for people working in coal generation, 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 > ~40% of people leaving coal power plants in 2022 are redeployed and attended upskilling and reskilling programs (67 hours per capita) > 30% of overall training dedicated to total employees conducted on reskilling and upskilling > Coal redeployed people: ~80% within GPG perimeter, -20% to other Enel business areas 2023-2025 Targets 70% of people leaving coal power plants will be redeployed, attending upskilling and reskilling program. The other 30% 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 121#1231. 2. 5 GENDER EQUALITY DECENT WORK AND ECONONIC GROWTH 10 INEOU 16 PEACE, JUSTICE AND STRONG INSTITUTIONS Inclusion & uniqueness Purpose Inclusion of people's multiple and unique talents is an essential factor in Enel's 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 nondiscrimination, 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 Human Rights Policy Global Diversity & Inclusion Policy Global Workplace Harassment Policy Statement against harassment 1 Empower the growth and increase representation of Actions and Targets 1 Gender 2 Disability 2022E 2025 2022E 2025 women in the organization. Female 24.3 26.9 Managers (%) Global inclusive travel adoption² (%) 45 80 2 Promote the inclusion of people with disability: implement inclusive work travel services Female middle managers (%) 31.8 34.1 3 Interculturality 2022E 2025 3 Promote initiatives to spread Women in selection intercultural inclusion culture 50.0 50.0 processes¹ (%) Intercultural initiatives³ (# countries) 8 11 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. 2. % Enel Headcounts covered with at least 1 of the services (assistance, accompaniment, inclusive and accessible services) 3. # of countries of implementation of initiatives to increase inclusion of different ethnicity and raise awareness on diversity (workshops, training programs and communication campaigns) 122#124GOOD HEALTH 3 AND WELL-BEING DECENT WORK AND ECONONIC GROWTH PEACE, JUSTICE 16 AND STRONG INSTITUTIONS Wellbeing & Welfare Purpose and Actions Development and dissemination of a robust well-being culture, promoting personal and organizational well-being, is an enabler of the engagement and innovative potential of people and critical to business performance enel Promote a high level of Wellbeing for all Enel People that also has a positive "radial" reverberation even outside the organizational context by: M Human Rights Policy > Developing a metric common to all countries: an Overall Wellbeing Index that measures Wellbeing at 360° - both work and private life - through an annual survey; > Creating a Global Wellbeing Program that keeps People constantly informed, aware and engaged on their psychological, physical, social wellbeing and work-life harmony. Global Overall Wellbeing Index¹ A Global program to measure, support and improve people wellbeing 2022E 2025 59% 61% Based on people listening Addressed to all employees Program to be launched in December 2022 To support psychophysical wellbeing 1. % of People quite or very much satisfied with their general wellbeing (personal life and work) - annual survey. Due to its extensive meaning, the kpi encompasses all factors that may influence the overall wellbeing of Enel's people. This includes both exogenous effects (such as pandemics, socio-economic issues, politics, climate i.e.) as well as endogenous ones, on which Enel is committed to intervene with its Wellbing&Welfare actions 123#125GOOD HEALTH 3 AND WELL-BEING DECENT WORK AND ECONONIC GROWTH RESPONSIBLE 12 CONSUMPTION AND PRODUCTION QO CLIMATE 13 ACTION Sustainability and Innovation in the Procurement Process - Suppliers and Contractors Health & Safety Environment Circular Economy > Human Rights & Social Partnerships with suppliers Tender Scouting Qualification Human Rights & Ethics Health & Safety Environment Integrity Pre-tender workshops Sustainability K-factors Requirements Circular by design Material Passport Targets + Innovation by vendors Procurement involves suppliers in some innovation challenges Contract Human Rights & Ethics HSE attachment Additional obligations from sustainability enel Human Rights Policy Code of Ethics Performance Mgmt Vendor rating Consequence management Targets Design to Value 2022E 2025 Qualified supplier assessed for ESG performance¹ (%) 99 100 1. For health & safety, environmental and human rights aspects. Rounded figured Supplies' value covered by Carbon Footprint certification (%) Supplies' tenders amount covered by ranking / target based on carbon footprint values (%) 2022E 2025 62 75 70 >70 124#126QUALITY 4 EDUCATION GENDER EQUALITY AFFORDABLE AND CLEAN ENERGY DECENT WORK AND ECONONIC GROWTH Sustainability initiatives with local and global communities Key pillar of our strategy is to establish solid, long-lasting relationships with local communities, integrating socio-economic factors within business processes Storytelling and disclosure Context analysis ly Identification and management of stakeholders T&x= Analysis of risks and opportunities enel An approach along the entire value chain: business development, supply chain & design, engineering and construction, operation and maintenance up to the end of life through: > proactive stakeholder engagement and addressing community needs in the design phase of our initiatives; sustainable and circular approach embedded along the entire value chain; promoting inclusive business initiatives for vulnerable clients (both physical, social and economic). Value created for communities 2022E 2030 Quality ISTRUZE niqueath 3.8 5 education1 Monitoring evaluating and reporting Execution of Plan Definition of the Plan 1. Mn beneficiaries from Sustainability Initiatives. Cumulated figures since 2015 Affordable and clean energy1 DONARUT EACHESTE 15.7 20 T Decent work, inclusive and sustainable economic growth1 4.1 8 ECRESC CONGA M 125#127POVERTY GOOD HEALTH AND WELL-BEING GENDER EQUALITY DECENT WORK AND ECONOMIC GROWTH REDUC 10 INEQU PEACE, JUSTICE 16 AND STRONG INSTITUTIONS Human Rights: Enel's public commitment based on the voluntary international reference standards 2021 update enel enel Bellevaud TABLE OF CONTENTS 1 ENEL'S COMMITMENT TO RESPECTING HUMAN RIGHTS pag. 2 11 International references 12 Internal references 2 PRINCIPLES 21 Employment practices 2:11 Rejection of forced or compulsory labor and child labor 212 Respect for diversity and non-discrimination 2.1.3 Freedom of association and collective bargaining 214 Health, safety and well-being 2.15 Just and favourable working conditions 2.2 Communities and society 2.2.1 Environment 2:22 Bethe rights of communities 2.2.3 Respecting the rights of local communities 2.2.4 Respecting the nights of indigenous and tribal peoples 225 Integrity mm tolemnes of orruption 22.55 Privacy 227 Communications 3 IMPLEMENTATION AND MONITORING 31 Sakeholders grievance 32 Tasks of the board committees of Enel SpA 3.3 Tesis of the Sustainability Planning & Performance Management (SPPM) &Uman Rights unit 4 REVISION 5 COMMUNICATION AND TRAINING 8 DEFINITIONS png 22 pag. 26 pag. 26 pag. 26 Key updates enel Added description of Enel's commitment to respecting human rights along the value chain, and specifically: i) mission; ii) contribution to the United Nations Sustainable Development Goals; iii) commitment to a just and inclusive energy transition. Update process carried out in line with the “UN Global Compact Guide for business: how to develop a Human Rights Policy" with an active involvement of key Enel's stakeholders. Increased granularity in the "Communities and Society" section, adding a few sub- principles: > "Environment" establishing a connection with human rights, ensuring alignment to the environmental policy and introducing the notion of respect of biodiversity; > "Respecting the rights of local communities" and "Respecting the rights of indigenous and tribal peoples", in line with ILO Convention n. 169, both formerly included in the overall "Respecting the rights of communities"; > Split of "Privacy and communications” in two principles, "Privacy" and "Communications" and strengthening of the messages of both jointly with a more detailed correlation with customers. 126#128Nature enel#12914 LIFE BELOW WATER LIFE 15 OR LAND PEACE, JUSTICE 16 AND STRONG INSTITUTIONS PARTNERSHIPS FOR THE GOALS 2022E Environmental Sustainability - Biodiversity 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 Including Biodiversity Risks Assessment to evaluate company-wide risk Developing a Biodiversity Action Plan taking into account the specific aspects of local environments Minimizing the impact of Enel sites on habitats and species included on the Red List of the IUCN 1 Improving processes for risk assessment and biodiversity management Implementation of the Biodiversity performance monitoring on significant projects Participation to Business for Nature Coalition, to SBTN's Corporate Engagement Program, to TNFD Forum and to WBCSD piloting activities Our commitment enel Biodiversity Policy 2023-25 Targets Incorporation of nature-related risk and opportunity assessment into all company activities Assessment of all relevant assets and revision of Nature restoration Plan on infrastructure Enlarge and consolidate scientific and industrial partnerships Adopting quantitative biodiversity performance indicators on generation and distribution assets No Go in UNESCO areas² No Net Loss on selected projects in highly importance biodiversity areas starting from 2025 Biodiversity No Net Loss for new infrastructures by 2030 No Net Deforestation by 2030 128 1. International Union for Conservation of Nature 2. In any case Enel commits to comply to service obligation with the best adequate and feasible solutions#130CLEAN WATER 6 AND SANITATION 1 RESPONSIBLE 12 CONSUMPTION AND PRODUCTION GO Environmental Sustainability - Water Water quality conservation Enel applies an integrated approach for optimal management of use of water resources and their protection Gene 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 enel Environmental key performance indicators Policy 1. 2. Strategic goals Freshwater withdrawal Enel is constantly monitoring all its production sites located in water stressed areas in order to ensure that water resources can be managed efficiently Specific freshwater withdrawal¹ (l/kWh) 2022E 2022E In water stressed 22% areas In water stressed areas In the whole perimeter 2022E 2025 2030 0.13 Reduction vs baseline year 20172 -44% -61% -65% 0.25 Target revised to strengthen Protection of Natural Capital Ratio between: a) all the freshwater withdrawal quotas from surface, groundwater and third parties; b) the total production + heatlt. It excludes new Green Hydrogen Production Plants. 2017 baseline recalculated 129#13112 1. 2. CLEAN WATER 6 AND SANITATION RESPONSIBLE 12 CONSUMPTION AND PRODUCTION GO Environmental Sustainability - Pollutants and Waste Genel 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 Environmental key performance indicators Policy Reduction vs baseline year 2017 2022E 2025 2030 2022E 2025 2030 SO2 Specific Emissions (g/kWh) -92% -93% -94% Dust Specific Emissions (g/kWh) -98% -98% -98% NOx Specific Emissions (g/kWh) Waste² -57% -66% -70% -80% (Mt) Target in line with 2030 Scope 1 emissions reduction target certified by SBTi Extended perimeter to all O&M activities performed by Enel and contractors 130#132Backbones enel#133GOOD HEALTH 3 AND WELL-BEING W Health & Safety Health & Safety Management system is based on hazard identification, on qualitative and quantitative risk analysis. Certification of the whole Group according to ISO Data driven performance evaluation Culture dissemination Safety on supplier management 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. enel Human Rights Policy Health & Safety Policy Extra checking on site Policy 2022E 2025 Lost Time Injury Frequency Rate¹ -1% 0.51 YOY (-22% vs 2021) More than 3 day Frequency Rate² -1% 0.35 YOY (-19% vs 2021) High Potential Accident FR³ (-24% vs 2021) -1% 0.071 YOY 2. Number of accident with more than three days of absence from work / million worked hours. The 2025 data is to be considered a projection and not a target. 3. An accident whose dynamic, independently from the damage, could have resulted in a Life Changing Accident or in a Fatal Accident. The 2025 data is to be considered a projection and not a target. 132#134Growth Accelerators enel#1351. 2. enel DECENT WORK AND 8 ECONONIC GROWTH M RESPONSIBLE 12 CONSUMPTION AND PRODUCTION GO 13 CLIMATE ACTION PARTNERSHIPS FOR THE GOALS Circular economy Enel's vision of the circular economy stands on five pillars that define the related RCULAR CIRC DESIG GN context and methods of application CIRCULAR USEFUL LIFE EXTENSION NEW LIFE CYCLES UE Circularity improvement¹ 2022E 2030 57% 92% SHARED PRODERVICE PLATFORMS USE C B ULAR In 2023 Enel will define a new target which considers the resources used by all the business lines compared to EBITDA generated² Circular Inputs Life extension Product as a Service Shared Platforms New life cycle The 5 pillars 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 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 It will consider all the resource consumed (tons of materials and fuel) related to asset for energy production and distribution, energy sold to customer, technology and solution for the customers compared with the Group EBITDA 134#136AFFORDABLE AND CLEAN ENERGY INDUSTRY, INNOVATION AND INFRASTRUCTURE RESPONSIBLE 12 CONSUMPTION AND PRODUCTION CLIMATE 13 ACTION Circular economy - Focus Wind f Inputs Material Main materials used: > Steel Concrete > Fiberglass > Copper Aluminium ∞ Useful Life > 25 years average lifetime > Expected volume at end of life considering the installed capacity¹: - - 970 MW before 2030 ~ 1.700 MW 2031-35 ~ 4.000 MW 2036-40 ~ 10.000 MW after 2040 enel New Life Cycle Current recyclability of WTGs - ~ 80% (steel, aluminium, copper already fully recycled) - Estimated recyclability of WTGS at 2025 90% (improvement in the recycling of fiberglass) KEY INITIATIVES (examples) New solutions for wind 1. End of 2021. Development of new materials more sustainable, performing and recyclable through collaboration with start-ups and major players (e.g. wood based tower with a potential CO2 reduction per KWh of 90%). Recycling plant for wind blades In Spain (capacity 6.000 tons/year), and in Italy (capacity 4.000 tons/year) With the aim of reusing recycled fiberglass back into the wind energy sector and other sectors that may require such composites. 135#137AFFORDABLE AND CLEAN ENERGY INDUSTRY, INNOVATION AND INFRASTRUCTURE RESPONSIBLE 12 CONSUMPTION AND PRODUCTION CLIMATE 13 ACTION Circular economy - Focus Solar Inputs Material Main materials used: Aluminium Glass > Copper > Steel > Concrete > Silicon > Silver KEY INITIATIVES (examples) PV Circular Design (3SUN) ∞ Useful Life > 25 years average lifetime > No significant volume at the end of life expected before 2040 considering the installed capacity 1 Evaluation of the possibility to introduce recycled materials into the production process, such as replacing the glass of the panels with recycled plastic. enel New Life Cycle > Current recyclability - 80% (steel, aluminum, copper, glass already fully recycled) Estimated recyclability at 2025 ~ 95% (improvement in the recycling rate of precious materials (silicon, silver etc). Photorama project for PV Recycling EU Funded projects in collaboration with 14 partners with the aim to identify a suitable treatment for the recovery of PHOTORAMA precious materials reaching a total recycling rate of 95 %. End of 2021. 136#138AFFORDABLE AND CLEAN ENERGY INDUSTRY, INNOVATION AND INFRASTRUCTURE RESPONSIBLE 12 CONSUMPTION AND PRODUCTION CLIMATE 13 ACTION ל Circular economy - Focus BESS 4 Inputs Material Main materials used: > Lithium > Copper > Graphite > Iron ∞ Useful Life > 15 years average lifetime > No significant volume at the end of life expected before 2040 considering the installed capacity 1 enel New Life Cycle > Current recyclability -50% (steel, copper fully recycled) > Estimated recyclability at 2025 ~ 70% (improvement in the recycling of cells material) > Phosphorus > Steel Concrete Aluminium KEY INITIATIVES (examples) New materials and solutions for storage For example, thermal storage that use materials (rocks, pipes and casings) that are to be considered environmentally sustainable and not critical. 1. End of 2021. Second life solutions for EV Batteries to be reused as storage systems (Melilla, Pioneer) and Battery recycling plant in Spain (8.000 tons/year) to recover precious materials as lithium etc. 137#139INDUSTRY, INNOVATION AND INFRASTRUCTURE SUSTAINABLE CITIES 11 AND COMMUNITIES A Cyber security Cyber Security Framework Cyber Security Structure and Governance The Policy, adopted in 2017, addresses the principles and operational processes that support a global strategy of cyber risk analysis, prevention and management. Such Framework is fully applicable to the complexity of regular Information Technology (IT), industrial Operational Technology (OT) and Internet of Things (IoT) environments. From the organizational point of view, Enel Group has set up, since September 2016, within the Global Digital Solutions Function, a "Cyber Security" unit, committed to guarantee governance, direction and control of cyber security topics. The Head of Cyber Security unit, which is also the Enel Group CISO, directly reports to the Head of Global Digital Solutions function (CIO). Furthermore, the Cyber Security Committee, chaired by the Group's CEO and made up of his/her front lines, addresses/approves the cyber security strategy and periodically checks the progress of its implementation. Cyber Emergency Readiness Team CERT 1. Enel disposes of its own CERT, whose mission is to protect the Group's constituency, i.e., all employees and assets (instrumental to Enel's business that could be compromised by cyber threats), promoting a proactive approach based on "incident readiness" rather than "incident response". Incident Response, Threat Intelligence and Information Sharing are the processes the unit operates with, also exchanging information within a network of accredited international partners. enel Cyber Security Framework 2022 planned 2022E1 2025 Cyber exercises involving industrial plants/site(#) Information security verification activities (#) Knowledge sharing events (#) 12 54 64 800 1,400 1,400 15 19 15 People cyber empowerment journey The journey drives Enel people to be the first line of cyber defense and is powered by an Awareness Development. Program and an Anti-Phishing Program that leverage on different communication channels and diffusion tools. The 2022 data includes ad-hoc initiatives supporting the execution of simulated phishing campaigns (6 campaigns in 2022). 138#1401. INDUSTRY, INNOVATION AND INFRASTRUCTURE PARTNERSHIPS FOR THE GOALS Innovation Innovation Hubs/Labs¹ 13,650+ Startups scouted 125+ scaled-up 545+ engaged in projects 9 Hubs involved 6 Hub 3 Hub & Lab Silicon Valley Boston Madrid Crowdsourcing2 200+ Challenges 11,000+ Proposals collected Partnerships³ 800+ Innovation and sustainability partnerships Rio de Janeiro Santiago San Paolo Lab The Hubs handle relations with all players involved in innovation activities and are the main source of research for innovative startups and SMEs. The Labs allow start-ups to develop and test solutions together with our Business Lines. Data from 2015 to 9M 2022. 2. Data from 2017 to 9M 2022. 3. Active partnerships as of 9M 2022. enel 3 Labs dedicated to startups Milano 8 Pisa Catania Tel Aviv Lab Be'er Sheva Lab 2022E 2023-25 Proof of Concept launched (#) 201 445 Solutions under scale- 69 126 up in the business (#) 139#141INDUSTRY, INNOVATION AND INFRASTRUCTURE PARTNERSHIPS FOR THE GOALS Innovation projects samples enel Storage X-Lab Modular living labs to develop, test and validate BESS technologies for domestic, commercial and industrial uses. In addition, the labs allow Enel X to develop algorithms, making use of artificial intelligence, for the optimal usage of energy storage systems in several use cases, including Front of The Meter large power plants, aggregations in Virtual Power Plants and energy communities. Skybot Development of a robotic platform remotely controlled by operators, that executes maintenance and construction tasks on the electrical grid (both on deenergized and live voltage conditions) zeroing all risk of falls and electrocutions and increasing efficiency and quality of service. Prototype development ongoing. Gravitational storage system New long duration storage technology using heavy loads are carried up/down to store/release gravitational energy. The system will reduce the dependency on critical raw materials through the recycling of decommissioned wind turbine blades into the weights used by their innovative gravitational energy storage system. Operation expected to start in March 2024. Biometric voice recognition Use of voice biometrics as an element of customer authentication in call centers in two-step process: Enrollment (Request to identified customers to create their voice print from the recording of just 5 seconds of conversation with the agent); Authentication (Voice identification of the client with only 3 seconds of conversation, comparing your voice with your previously stored voice print). 140#142Focus on... enel#143Advocacy for Climate Direct advocacy Enel is committed to ensuring that its advocacy activities are conducted in line with the Paris Agreement Enel's positioning on key climate related issues is reflected by its direct advocacy activities with the EU and other governmental authorities: Enel supports the European Green Deal and RepowerEU; Enel supports the EU Climate Law; Enel supports the EU's proposed ETS reform, which must be strengthened and supported by a CBAM; Enel welcomes the Commission's initiative to review the Renewable Energy Directive; > The Enel Group actively promotes renewable hydrogen; > The Enel Group is actively promoting e-mobility; Enel fully supports the European building renovation strategy; Enel has involved various stakeholders in the European Commission's New Circular Economy Action Plan. enel Indirect advocacy Enel discloses the list of all associations it collaborates with on climate related issues. Enel systematically verifies that the positions of such associations are consistent with the Paris Agreement and the Group's climate policies: before joining the association, through an in-depth analysis of the body's by-laws; > after joining the association, contributing to its work and/or promoting the Enel Group's position within working groups; > in case of inconsistency Enel assesses the misalignment and could eventually withdraws from the association. Enel discloses the level of alignment of the main associations 1 with the Paris Agreement. The level of alignment of all associations to be disclosed in 2023. 1. The assessment is based on targeted evaluations on the science of climate change, climate policies at global and national level, disclosures on the topic, and technologies proposed. 142#144Consolidated position in main ESG Ratings focused on enel covering most material issues for the Energy sector S&P Global MSCI FTSE Russell The most comprehensive ESG The widest used by investors Special focus on transparency and nuclear 88 90 AAA AAA 4.7 4.9 BBB 2.8 32 2021 2022 2021 2022 2021 2022 REFINITIV V.E ISS ESG‣ CDP Focused on ESG performance, The most used for Sustainable commitment and effectiveness Finance second opinion Balanced between ESG dimensions The most relevant on Climate 91 92 74 75 B B A A 52 2021 CE 20221 2021 2022 2021 2022 2021 2022 Industry average 1 Refinitiv does not provide an industry average. Highest score among utilities with integrated business model in the S&P CSA rating Sector leader in the Refinitiv ESG and FTSE Russell ESG ratings First position in the utility sector in Vigeo Eiris ESG 143#145Climate Action 100+ Net Zero Company Benchmark Enel is the first and only company to fully align disclosures with Climate Action 100+ Net Zero Company Benchmark1 enel 1e 32 17e 21C 14 17e 37 57 53 81 68 69 101 98 69 144 109 38 92 74 69 40 33 29 1. Net-zero 2. 3. 4. Long-term Medium-Term Short-Term by 2050 or GHG Reduction GHG Reduction GHG Reduction sooner ambition Target Target YES: All metrics for a sub indicator or indicator are Yes PARTIAL: At least one (not all) metrics for a sub indicator or indicator is Yes NO: All metrics for a sub indicator or indicator are No 1. Around 160 companies targeted by the Net Zero Company Benchmark. 2. Assesment not publicly disclosed. 41 13 14 5. Decarbonization Strategy Target 6. Capital Climate Allocation Policy Alignment Engagement 7. 8. Climate Governance 9. Just2 Transition 10. TCFD Aligned Disclosure Enel Score 144#146Corporate Governance enel#147Corporate Governance Structure BoD's composition 11% 9 members1 89% Independent Executive Nomination and Compensation Committee **** Shareholders' meeting Audit firm Board of Directors Board of Statutory Auditors (3 members) Control and Risk Committee Related Parties Committee 1. Out of which 3 Directors drawn from the slate filed by a group of mutual funds and other institutional investors. enel Corporate Governance and Sustainability Committee " 146#148Board nomination and election BoD's Members 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. A Gender balance 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. Candidates' qualifications 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. enel Slate voting system 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. 147#149Board composition Board of Directors Michele Crisostomo Francesco Starace enel Board of Directors' diversity Chair Gender Age Tenure (C) Corp. Governance & Sust. C. Female Male 22% 22% CEO and General Manager 44% 56% 45% 11% (C) Control & Risk C. 67% 33% Cesare Calari Costanza Esclapon de Villeneuve Samuel Leupold Alberto Marchi Mariana Mazzucato 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. Mirella Pellegrini Anna Chiara Svelto Control & Risk C. Related Parties C. (C) Related Parties C. Nomination & Compensation C. (C) Chair ■ Executive ■ Independent 3 6 3 5 50-54 55-58 59-68 1-3 years 4-6 years Over 6 years Skills Energy sector Strategic view Accounting, Finance & Risk Management ■Legal & Corporate Governance Communication & Marketing Experience in International Context 148#1501. 2. CEO Remuneration Overall structure enel Compensation accrued in 2021 equal to: 4,580,456 € (-33% vs 2020) Enel's position vs the Peer Group 1 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 Compensation at Maximum level Fixed compensation 1,520,000 € Fixed compensation 1,520,000 € Annual bonus Long-term incentive Total 100% of fixed remuneration 130% of fixed remuneration 5,016,000 € Annual bonus Long-term incentive Total 150% of fixed remuneration 280% of fixed remuneration 8,056,000 € ■Fixed Paymix 30% 30% 40% Annual bonus LTI Paymix 19% 28% 53% ■Fixed Annual bonus ■LTI Total Direct Compensation is between the median and the third quartile of the Peer Group for both Target and Maximum levels Eni, Leonardo, Prysmian, Stellantis, Terna, TIM, EdP, Engie, E.On, Iberdrola, National Grid, Naturgy, Orsted, RWE, Airbus, Royal Dutch Shell, SAP, Schneider Electric, Siemens, Total. Data as of December 31, 2020. For Stellantis, the latest available data regarding the remuneration treatment of Fiat Chrysler Automobiles - FCA directors, published for the 2021 AGM season, were considered. 149#151CEO's short-term variable remuneration1 enel Macro objective Objective Weight² Entry (50%) Target (100%) Over (150%) Type of target Profitability Ordinary consolidated net income 40% 5.50 €bn 5.67 €bn 5.84 €bn Economic Efficiency Group 10% 8.11 €bn 8.03 €bn 7.95 €bn Economic Opex Cash and debt management FFO/Consolidated 20% 22.2% net financial debt Safety Customer Satisfaction 123 22.8% 23.5% Financial Safety in 20% FI³ < 0.52 & FA4 ≤ 6 the workplace FI³ < 0.43 & FA4≤ 6 FI³ < 0.40 & FA4≤ 6 ESG Claims +SAIDI 10% GC5=320/10,000 users IC6≤150/10,000 users SAIDI ≤242 min GC5=310/10,000 users IC6≤150/10,000 users SAIDI ≤ 242 min GC5=300/10,000 users IC6≤150/10,000 users SAIDI ≤242 min ESG (%) Weight in the variable remuneration Management by objectives (MBO) 2022 FI: Work-related accident Frequency Index = Number of accidents (more than 3 days of 4. 5. FA: Number of Fatal Accidents during 2022, except for road events (Enel + contractors) GC: Commercial complaints at Group level 6. absence from work) / total amount of worked hours (Enel + contractors) expressed in millions 7. IC: Commercial complaints on the open commodities market in Italy (gateway objective) SAIDI: System Average Interruption Duration Index (gateway objective) 150#152CEO's short term variable remuneration Changes vs 2021 remuneration policy1 2021 MBO Ordinary consolidated net income (weight 35%) Group Opex (weight 20%) > FFO/Consolidated net financial debt (weight 15%) Safety in the workplace (weight 15%) > SAIDI (weight 15%) > 2022 MBO Underlying rationale enel Objective unchanged, weight increased to 40% Objective unchanged, weight reduced to 10% Further emphasize the importance of maintaining a solid financial structure and growth in terms of profitability for the Group, ensuring that the progressive increase in investments can develop in an environment characterized by an adequate return for shareholders and adequate levels of operating efficiency Objective unchanged, weight increased to 20% Objective unchanged, weight increased to 20% Objective widen to include claims, weight reduced to 10% In consideration of the central role of ensuring safety in the workplace and the non-achievement of this objective in 2020 and 2021 Measure customers' satisfaction also through the number of claims - considering their central role in the electrification process - with a focus on Italy, the market of most relevant dimension and greatest value creation for Enel 1. Fixed remuneration and performance scale unchanged 151#153Long-term variable remuneration1 130% of the base amount is assigned in Enel shares² Macro objective Performance Objective TSR5 Weight³ Target (130%)4 50% Enel's TSR = 100% of Index's TSR Over I (150%) Enel's TSR = 110% of Index's TSR Over II (280%)4 Enel's TSR ≥ 115% of Index's TSR enel Type of target Market Profitability Cumulative ROIC - WACC6 30% = 11.9% = 12.2% ≥ 12.5% Economic Climate Change GHG Scope 1 = 140 = 137 10% emissions reduction? gCO2eq/kWheq gCO2eq/kWheq ≤135 gCO2eq/kWheq ESG Gender Gap % of women in top mgmt succession plans 10% = 45% = 47% ≥ 50% 1. Long-Term Incentive (LTI) Plan 2022. Performance period: January 1, 2022 - December 31, 2024. 30% payment (if any) in the 4th year. 70% payment (if any) in the 5th year (deferred payment) For the CEO/General Manager. 65% for the other beneficiaries of the LTI Plan 2022 (c.300 managers) 2. 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 3. (%) Weight in the variable remuneration for the CEO/General Manager 100% at Target and 180% at Over II for the other beneficiaries of the LTI Plan 2022 Average TSR Enel compared to average TSR EUROSTOXX Utilities Index-EMU, calculated in the 3-year period 2022-2024 4. 5. 6. For the 3-year period 2022-2024 7. 8. GHG Scope 1 emissions per kWh equivalent produced by the Group in 2024 At the end of 2024 ESG 152#154Long-term variable remuneration Changes vs 2021 remuneration policy1 enel 2021 LTI ROACE (weight 25%) % of women in mgmt. succession plans (weight 5%) Renewable capacity on total (weight 10%) > 2022 LTI Objective substituted with Cumulative ROIC - WACC, weight increased to 30% Objective focused on top management, weight increased to 10% Objective removed Underlying rationale Financial markets consider ROIC WACC a better measure of a company's ability to create value in the medium-long term Encourage fair representation of women in the bases that supply managerial succession plans, with particular reference to top positions Prevent the use of a performance indicator linked exclusively to volume growth without taking into adequate account the priorities represented by profitability and financial balance Share component for CEO: 100% of the base amount Share component for CEO increased to 130% of the base amount² Ensuring a further alignment with the interests of the shareholders in the long term and set the basis for the wished adoption of a policy ensuring an adequate share ownership by the CEO and Executives with strategic responsibilities 12 1. 2. Fixed remuneration and performance scale unchanged. TSR and GHG Scope 1 emissions reduction: objectives and weights unchanged From 50% to 65% for the other beneficiaries of the LTI Plan 2022 153#155CEO remuneration Termination agreements Pro rata temporis rule enel In case of misalignment between the performance period of the 2022 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 Severance payment 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). Non competition agreement 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 relationships. Should the Company 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 €. 1. 2. Specifically, in the event of expiration of directorship relationship without simultaneous renewal of the same - and, therefore, in the event of automatic termination also of the executive relationship - before the LTI 2022 performance period conclusion, it is provided that the CEO/GM shall maintain the right to the disbursement 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. 154#156Enel Group's listed companies (as of December 31st, 2022) enel 64.9% enel Chile 82.3% enel Américas¹ 70.1% endesa enel 93.5% 99.1% 99.9% 100% 100% Enel Gx Chile Enel Dx Chile Enel Argentina! Enel Brasil Enel Perú 96.5% ་ 75.7% 92.6% Pehuenche Enel Gx Costanera Enel Gx Piura 83.2% 83.6% Enel Dx Perú Enel Gx Perú 74.1% 99.7% Enel Dx Ceará Enel Dx Rio Unlisted companies 1. Also operating in Colombia and Central America through unlisted companies 155#157Disclaimer 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. 156#158Contact us YEARS enel 60 Contacts Email [email protected] Phone +39 06 8305 7975 Monica Girardi Head of Group Investor Relations Investor Relations team Federico Baroncelli Serena Carioti enel Investor Relations App ios Android Investor Relations DOWNLOAD APP Federica Dori Fabrizio Ragnacci Danielle Ribeiro da Encarnação Riccardo Ricci Noemi Tomassi Emanuele Toppi Channels e e f in Ο You Tube e Website Enel.com