Investor Presentaiton

Decarbonisation Conventional generation and Global trading Performance driven by higher nuclear prices and continued efficiencies +45% EBITDA evolution (Єmn) enel EBITDA FY 2019 by geography 11% 6% 1,117 Higher nuclear prices and volumes 1,616 FY 2018 FY 2019 Opex/MW1 (k€/MW) 34.0 33.4 1. Thermal generation Ongoing efficiency plan c.60 €mn positive impact from ancillary services FY 2019 40% 1.6 €bn 43% Italy Iberia Latin America RoW 90 14

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