EBITDA Evolution and Margins Dynamics

1Q 2022: Key highlights Favorable demand and prices Solid operating and financial results Further progress in renewable projects enel Modernization projects payback started Electricity demand up by 2% amid market prices up by 7% YoY* Revenues growing almost 20% YoY, EBITDA up by > 30% YoY on strong operating environment Kola windfarm construction project going ahead notwithstanding current situation TG-4 modernization project at NGRES: capacity payments under KOMMod scheme started * In the 1st price zone 2

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