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Decarbonisation CLEAN ENERGY GPG Enel Green Power - +7% underlying operating performance thanks to new capacity and volumes EBITDA evolution (Єmn) enel EBITDA by geography -9% Positive contribution from capacity developed at end of 2019 5% 31% 1,248 1,139 Volumes recovery led by hydro (+1.3 TWh) at hedged prices 45% Q1 2020 1.1 €bn 9% 10% Q1 '19: 180 €mn from JV unwinding and PPA early termination Q1 2019 Q1 2020 50 €mn negative effect from FX devaluation Italy Iberia Latin America RoW North America 109

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