Investor Presentaiton

QNDUSTRINOMATION Enabling Infrastructure AND INFRASTRUCTURE Infrastructure and Networks Stable performance thanks to protective regulatory framework 1,826 +7% EBITDA evolution (Єmn) 1,958 European regulatory framework protecting against dropping volumes Limited impact from 1% decline in Latin America volumes Q1 20: 180 €mn provision reversal in Spain enel EBITDA by geography 1% 33% Q1 2020 2.0 €bn 44% 22% Q1 2019 Q1 2020 c. 60 €mn negative impact from FX devaluation Italy Iberia Latin America RoW 111

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