Enel's Energy Infrastructure Growth and Resilience

Power Generation & Retail: Capex, EBITDA evolution and value creation Cumulated capex Customers enel EBITDA evolution over 2022E-2025 (€bn) CAGR ~13% 16% FY 2022 Pro forma² 14.9 5.8 (0.8) (0.4) (0.1) 1.8 2023-25 10.5 10.4 1.5 ~221 €bn 2.2 2.3 10.6 84% 4.8 Generation IRR-WACC SPREAD ~300 bps 2022E Pro forma 2 Integrated Regulated Commercial Business Business Gas Business Trading 2025 & other countries 1. It includes 1.3 €bn related to stewardship model. 2. It excludes perimeter for 0.7 €bn. 31

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