Sustainable Value Creation and Industrial Growth

Risk management Operating risk: low EBITDA exposure to merchant risk enel EBITDA 2019-21 (€bn) 55.3 Merchant 28% Retail portfolio hedge Regulated & 72% contracted Regulated EBITDA by business 2019-21 X Regulated Regulated, contracted under long term PPA, incentivized Regulated Regulated con Regulated 2019-21 EBITDA 100% - 64% 2 - 46% ~ - 23% 20% 48

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