Investor Presentaiton

Electrification CLEAN ENERGY Retail Strong performance, shift in demand from B2B to B2C EBITDA evolution (Єmn) enel Free Market - Energy sold (TWh)1 -6% +9% 17.2 16.2 941 861 Improved performance led by free markets (+10%) 4.1 4.5 Italy 151 13.1 11.7 146 Higher margins in Iberia 790 715 c. 8% cost to serve reduction in Italy and Spain Q1 2019 Q1 2020 Free markets ■ Regulated markets 1. Includes energy losses; Q1 2019 Q1 2020 ■B2C -3% B2B 21.1 20.4 5.4 5.1 Spain 15.7 15.3 Q1 2019 Q1 2020 112

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