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Investor Presentaiton

1. Ordinary EBITDA evolution1 Performance supported by our sustainable and integrated business model enel EBITDA evolution (€bn) +11% Ordinary EBITDA by GBL 1% 18% 0.8 0.0 0.1 46% 0.2 0.1 0.5 17.9 9% 17.9 €bn (11% yoy) 16.2 26% 0.6 -0.9 EBITDA 2018E EGP Conventional generation Retail Networks Enel X Services&Other EBITDA 2019 Decarbonisation Electrification Enablers & Platforms Networks Retail ■Conventional generation Enel X EGP Excludes extraordinary items in FY 2018 (+128 €mn Rete Gas Earn Out and +65 €mn EF Solar) and FY 2019 (+94 €mn Disposals of Mercure plant, +50 €mn second tranche Rete Gas Earn Out, - 205 €mn impairment coal Italy, -103 €mn impairment coal Iberia, -30 €mn price adjustment Kafireas, -7 €mn impairment coal Russia) 87
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