Sustainable Value Creation and Industrial Growth

Our delivery Our strategy delivered growth while improving our financial strength Average capex (Єbn) +18% FFO/Net Debt +200bps 25.0% 27.0% 8.0 6.8 Net Debt (€bn) 37.5 41.1 2013-15 2016-18 2015 2018 Rating1 BBB BBB+ EBITDA (€bn) Net income (bn) +8% +41% 16.2 15.0 2.9 4.1 enel 8 2015 2018 2015 2018 1. Standard & Poor's

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