Investor Presentaiton

Decarbonisation CLEAN ENERGY Global Power Generation Performance supported by renewables volumes and ongoing efficiencies EBITDA evolution (Єmn)1 enel EBITDA by geography1 +5% 1,749 1,834 501 695 1,248 1,139 Solid contribution from new renewables capacity and hydro recovery Benefit from short position and balancing services Q1 '19: 260 €mn PPA early termination and JV unwinding Q1 20: 170 €mn provision reversal 6% 26% 32% Q1 2020 1.8 €bn 7% 29% Italy Latin America Q1 2019 Q1 2020 70 €mn from adverse FX scenario in Latin America Iberia RoW North America 1. Includes Nuke and Trading 108

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