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Investor Presentaiton

De-risking our long term targets Operating deployment: over 90% of generation energy margin covered by sales to customer base Integrated margin¹ – energy margin vs retail margin Production1 (%) 67 20 33 enel Hedging position on price driven production +13% Hedging of CDS-CSS Pool price indexed Ren & Nuke hedged price vs 2018 +19% Coal & Gas 7% based on scenario/market Large customers Retail margin vs 2018 = = Renewables + Nuke Natural hedging with Small and medium 93% Generation 1. Average 2020-21, Italy and Iberia. retail portfolio customers -100% 69% Retail 2020 2021 60 60

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