Sustainable Value Creation and Industrial Growth

From Ordinary EBITDA to Net Ordinary Income 16.2 (6.4) (2.3) 9.8 (1.9) (1.6) 7.5 Ordinary EBITDA D&A EBIT Financial EBT expenses Income taxes Minorities & other 1 enel 4.1 Group net ordinary income PY 15.6 (5.8) 9.7 (2.7) 7.1 (1.9) (1.5) 3.7 Delta YoY +4% +9% +1% -14% +6% -% +5% +9% 1. Includes other financial expenses (-439 €mn for FY 2017, -102 €mn for FY 2018) and results from equity investments (+118 €mn for FY 2017, +81 €mn for FY 2018) 77

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