Sustainable Value Creation and Industrial Growth

Our pillars Improved return on invested capital supporting dividend growth Value creation spread 8.8% Value creation 250 bps 10.2% Implicit DPS at 70% pay-out (€/sh) +39% enel CAGR 2018-21 Value creation 400 bps 0.39 + 12% 0.37 0.33 0.28 Min 0.28 0.32 0.34 0.36 +9% DPS 6.3% 6.2% 2018 2021 2018 2019 2020 2021 =ROIC1 -WACC EPS 0.40 0.47 0.53 0.55 1. Adjusted for IFRS15 26

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