Investor Presentaiton

Operational efficiency Efficiencies doubled in Q1 versus PY, reaching around 80 €mn OPEX evolution (Єmn) -4% enel Efficiencies by business 9% 4 17 14% 2,112 (27) (78) 2,028 Q1 2020 (356) 1,672 78 €mn 58% 19% Q1 2019 CPI & FX Efficiency Develop. & Perimeter Customers Q1 2020 pro forma Spain provision reversal Q1 2020 104

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