Sustainable Value Creation and Industrial Growth

Cash flow (€bn) 16.2 (1.9) 1.1 (2.6) (1.7) 11.1 (8.5) 0.7 enel 3.3 Ordinary EBITDA A Provisions AWorking capital Income taxes Financial expenses² FFO³ 4 Capex Build & sell FCF & other PY 15.6 (1.7) (0.5) (1.6) (1.7) 10.1 (8.5) 0.8 2.4 Delta YoY +4% +10% n.m. +9% +54% +9% -% -% +37% 123 2. 1. Accruals, releases, utilizations of provisions in EBITDA (i.e. personnel related and risks and charges) Includes dividends received from equity investments 4. EGP Brazilian assets classified in HFS for 362 €mn and capex related to BSO Mexico for 378 €mn 78 3. Funds from operations

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