Free Market Performance and Investment Plans

Infrastructure and Networks KPIs back to pre-COVID levels, growth yoy overshadowed by non-recurrings EBITDA evolution1 (€bn) -2% enel + 0.75 7.8 7.7 • (0.45) (0.3) +7% 1.7 (0.1) . 1.8 6.1 FY 2020 Operating Delta Non Negative growth & Efficiencies recurring² dynamics Europe | Latin America • Operating growth Quality & digitalization programs in Europe Higher volumes and tariff indexation in Latam Efficiencies mainly in Latin America and Italy 5.8 Negative dynamics -4% • Impact from tariff adjustments in Europe FX FY 2021 1. FY 2020 restated 2. FY 2021: mainly 110 €mn Resolution n.50 in Italy; FY 2020: mainly c.180 €mn Provision reversal in Spain and 390 €mn Resolution n.50 in Italy 90

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