Investor Presentaiton

Decarbonisation GPG Conventional generation and trading Hedging, short position and balancing services EBITDA evolution (Єmn) 501 +39% 695 Q1 2019 Q1 2020 enel EBITDA by geography Benefit from short position and balancing services Q1 '19: 80 €mn PPA early termination Q1 '20: 170 €mn provision rev. Spain Ongoing efficiencies more than offset 20 €mn FX devaluation 11% 8% Q1 2020 0.7 €bn 62% Italy Iberia 19% Latin America RoW 110 14

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