EBITDA Evolution and Margins Dynamics

Rising revenues impacted by favorable market conditions overperform higher fuel costs... Operating revenues (RUB bn) Variable costs (RUB bn) +19% 14.7 +14% 1.3 12.3 9.7 8.5 1.3 3.3 1.0 0.9 2.5 enel Fixed costs (RUB bn) +22% 1.7 1.4 0.1 8.7 10.0 7.6 0.8 8.4 0.7 0.5 0.6 0.2 0.3 1Q 2021 1Q 2022 1Q 2021 1Q 2022 1Q 2021 1Q 2022 ■ Overhead ■ Electricity ■ Capacity ■ Heat and other ■ Fuel ■ Purchased power ■ O&M not manageable ■ Personnel ■ O&M manageable 6

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