Free Market Performance and Investment Plans

An accelerated industrial growth coupling with improving FFO/ND and cash conversion... FFO/Net Debt evolution Source of funds 2022-24 (€bn) 23% Net Debt/ 2.7x 2.9x EBITDA 2021 Net debt 52 (€bn) 1. It includes grants and FX. ~42 24% ~7 ~2 enel ~51 FFO 2024 Active Portfolio Management Other¹ Total sources 61-62 Cash conversion ~70% 70

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