Enel Spa · MIL:ENEL
Enel Spa — Investor Presentation (September 2025)
146 slides from Enel Spa's investor presentation, September 2025
Slide 1: Investor Presentation 2025
Cl Investor Presentation 2025
Slide 2: Agenda
Agenda CMD 2024 The Group in the energy context 2025-27 Strategic Plan 2025-27 Strategic Plan The Group in the next three years Capital allocation and EBITDA growth 2025-27 The financial plan Strategic Plan Targets Closing remarks Full Year 2024 consolidated results First Half 2025 consolidated resu
Slide 3: Flavio Cattaneo, CEO
Flavio Cattaneo CEO ene
Slide 4: 2024 results empower us to tackle the next chapter
2024 results empower us to tackle the next chapter Delivering on our commitments Strategic Pillars Total shareholder return Well on track to reach all 2024 targets 2023-20241 Profitability, 1 flexibility and resilience Disposal Plan completed Efficiency and Re-focus on core activities 2 effectivenes
Slide 5: The Group in the energy context
The Group in the energy context
Slide 6: Advancing energy transition calls for new regulations…
Advancing energy transition calls for new regulations… Global electricity Global renewables EU power prices3 Consumption1 (kTWh) installation2 (GW/y) (€/MWh) New market +25% ~1000 design and 32 regulatory 25 25 mechanisms 560 21 needed for 15 15 350 ~800 75 sustainable 10 10 11 45 renewable expansio
Slide 7: …while grids are the backbone of the transition
…while grids are the backbone of the transition New RES EU connection 2023-301 Global Investments in grids2 (k$bn/y) +50% Energy system calls for 30% 0.6 increasing 0.1 Net Zero investments in 550 GW distribution grids Current to host growing 70% 0.5 policies renewable 0.4 capacity and enhance quali
Slide 8: 2025-27 Strategic Plan
2025-27 Strategic Plan ene
Slide 9: External context normalization leads to a re-set of plan assumptions
External context normalization leads to a re-set of plan assumptions Power Price Italy (€/MWh) Power Price Spain (€/MWh) A solid and 145 conservative 131 106 approach: 115 88 74 power prices 111 114 104 scenario fully 67 64 62 aligned with current 2023 2024 2025 2026 2027 2023 2024 2025 2026 2027 fo
Slide 10: Pillars and key business drivers confirmed
Pillars and key business drivers confirmed Grids • Investments tailored according to returns OUR STRATEGIC PILLARS • Continued enhancement of grid resilience, operating efficiency and quality • Leverage on digitalization and innovation to enable the energy transition Profitability, 1 flexibility and
Slide 11: Higher focus on grids and countries with ample visibility
Higher focus on grids and countries with ample visibility and enhanced risk-return profile Cumulated gross capex (€bn) Grids 6% 7.2% Blended regulated return2 over 2025-27 19% +1 p.p. +22% RAB growth +14 p.p. vs old plan vs old plan 16.2 2025-27 2025-27 Renewables ~431 €bn ~431 €bn 26.0 75% 300 bps
Slide 12: A capital allocation designed to enhance grids' profitability
Grids A capital allocation designed to enhance grids’ profitability Gross capex RAB2 (€bn) +22% Latam ~52 22% 50.00 Investments ~43 45.00 ~13 focused on 2025-27 40.00 ~10 improving grids’ 26.01 €bn Latam Δ vs ‘24E quality and 35.00 16% 62% resilience and 30.00 25.00 ~39 27 +30% Europe 20.00 ~32 desi
Slide 13: Proactive advocacy activity to support the pivotal role of grids
Grids Proactive advocacy activity to support the pivotal role of grids Regulatory period Advocacy priorities 2024 – 2027 Regulatory remuneration rates even if aligned with macro 2028 – 2031 environment must be supportive of investments needed by the system Consolidation and simplification of incenti
Slide 14: Selective investments in renewables to support profitability
Renewables Selective investments in renewables to support profitability Gross capex Additional capacity Delta vs 16% 2.3 old plan Renewable 3.2 34% development -4 GW 2025-27 0.7 ~12 GW concentrated 19% 12.01 €bn +2 GW in core countries, 31% 5.7 streamlining of assets portfolio 2024 2027 Italy Iberia
Slide 15: Investments focused on the most valuable initiatives and geographies
Customers Investments focused on the most valuable initiatives and geographies Gross capex Customers2 (mn) +6% 60.00 Bundled offers 55.00 tailored on 55.5 50.00 52.4 customer needs and geographies, 45.00 40.00 35.00 leveraging on Total free customers3 (mn) 30.00 scale-up and ~85% 25.00 valorization
Slide 16: Reducing risk and increasing visibility
Reducing risk and increasing visibility Cumulated EBITDA Contracted/ regulated (€bn) ~90% Grids ~27 100% business regulated ~90% of Generation capacity regulated and Regulated ~4 covered by regulatory generation schemes contracted 2025-27 EBITDA offers >70 €bn Production hedged/sold to unprecedented
Slide 17: Raising the bar on efficiencies
Raising the bar on efficiencies Evolution of addressable cash-cost Cash-cost reduction split2 baseline1 (€bn) Reduction ~1.5 €bn 8.0 -20% Continued 7.0 6.5 optimization effort on 6.0 ~1 €bn 6.0 40% ~1.5 €bn processes and 5.0 5.5 60% activities also 4.0 ~7 5.0 -25% ~6.0 3.0 leveraging on 4.5 2.0 4.0
Slide 18: New business model for connection assets
Efficiency and value creation enhanced through a new business model for connection assets Connection assets Data Centers Creation of a NewCo focused on connection assets to unlock further Provide value-added solutions to Data value centers operators leveraging on Enel’s global scale and know-how O&M
Slide 19: A solid financial position to fund growth ambitions and shareholder remuneration
A solid financial position to fund growth ambitions and shareholder remuneration Leverage evolution (ND/EBITDA) 2025-27 Funds allocation (€bn) 70. 0 Growth & shareholder remuneration 15% FFO/Net Debt 27% Change in 60. 0 Net Debt 50. 0 Peers Average1 3.2x 40. 0 3.1x 2.7x 30. 0 FFO & 2.4x ∼2.5x other
Slide 20: Well on track to achieve Net Zero
Well on track to achieve Net Zero Total absolute emissions (MtCO2eq) 2027 200 Exit coal power generation1 190 180 160 -63% 140 120 2040 Zero GHG emissions from both 100 80 94 -99% generation and retail business ~70 60 40 60 Just Transition 20 0 <2.5 0 2017 2023 2024 2030 2040 2040 A plan that preser
Slide 21: The Group in the next three years
The Group in the next three years
Slide 22: Plan's targets
Plan’s targets Ordinary EBITDA (€bn) Ordinary Net Income (€bn) Net Debt/EBITDA ~7%1 ~11%1 CAGR 22-27 CAGR 22-27 7.1-7.5 2.8x 24.1 -24.5 ~2.5x 17.3 4.3 16.1 2 Avg. 19-21 2022 2027 2022 2027 2022 2027 Like for Like2 Like for Like 2 Pro Forma 2 1. Calculated on mid-point of the guidance range 2. Calcul
Slide 23: A value-driven strategy promotes sustainable value creation for shareholders
A value-driven strategy promotes sustainable value creation for shareholders Dividend policy 0.6 2024 DPS (€/sh) 0.5 0.5 Visible 0.5 improvement 0.5 +9% 0.47 in shareholder 0.5 remuneration 0.43 0.4 with 9% DPS 0.4 increase, fully covered by 0.4 organic and 0.4 sustainable 0.4 1 2023 2024 Jan. 22 in
Slide 24: Stefano De Angelis, CFO
Stefano De Angelis CFO ene
Slide 25: Capital allocation and EBITDA growth
Capital allocation and EBITDA growth
Slide 26: Capital allocation execution and core operation improvement
Capital allocation execution and core operation improvement drive to a more resilient business profile Gross Capex by business (€bn) Cumulated Gross Capex (€bn) Conv GX & Wholesale Renewables Retail 6% 4% 12 12 Selective approach to renewables confirmed in light of 28% persisting uncertainty 2025-27
Slide 27: Proactive attitude across geographies to foster sustainable network upgrade
Grids Proactive attitude across geographies to foster a sustainable network upgrade with fair visible returns 2025-27 Gross capex by nature From Gross to “RAB-in” eligible Capex1 (€bn) Grants (Local and Ordinary Regional Funds) (asset maintenance >1.5x and recurring network 25.00 ~23 11% development
Slide 28: Grids' capex remuneration scheme: focus on Italy
Grids Grids’ capex remuneration scheme: focus on Italy 2025-27 Gross capex by nature Capex break-down (€bn) Ordinary Grants Non-RAB regulated Incentive schemes Grants (asset maintenance • According to IFRS, Grants are deducted (Local and and recurring network Capex 13.5 2.7 from related asset when c
Slide 29: Networks' contribution to the Group has been restored
Grids Networks’ contribution to the Group has been restored with improved business and risk profile Grids share on Group EBITDA Grids 3Y cumulated EBITDA (€bn) RAB evolution1 (€bn) +12 €bn 54.50 10.50 29.50 ~52 49.50 40% 9.50 27 44.50 24.50 24 39.50 ~45 ~40 8.50 22 34.50 35% 19.50 29.50 7.50 32% 24.
Slide 30: New renewable capacity: shift in technology mix
Renewables New renewable capacity: shift in technology mix to further improve returns’ risk profile Gross capex (€bn) From Gross to Net Capex (€bn) Key operational New capacity (GW) 5.7 ~12 2024-26 Strategic Plan ~6 Other >70% wind and 14. 0 2.3 programmable Maintenance 7% technologies 13% 12. 0 cap
Slide 31: Brownfield deal in Spain proves value creation upside
Renewables Brownfield deal in Spain proves the potential value creation upside of the new capital allocation strategy July 2024 November 2024 Sale of 49.99% of Acquisition of solar assets 100% hydro assets Reduce portfolio exposure to most volatile assets while strengthening readily available resili
Slide 32: A strategy tailored to fit market and country specifics
A strategy tailored to fit market and country specifics RES and Nuclear Coverage @2027 2025-27 production mix production (TWh) Italy Iberia Buffer Regulated 80 90.00 80.00 67 Matched 5% 10% 70.00 51 56 with clients • Limited PPA demand for 60.00 51 38 both volumes and T&L 25% 42 duration 50.00 40.00
Slide 33: Strategy tailored to country specifics: focus on Europe
A strategy tailored to fit market and country specifics: focus on Europe Free power customers (mn) Free power sales coverage @2027 (TWh) Unique Service Platform Italy Iberia1 ~ +1 ~75 25.00 >18 >19 ~70 Indexed 20.00 Coverage Indexed ~90% 15.00 Coverage ~75% 10.00 ~76% ~55% Fixed Multi-Commodity Bund
Slide 34: EBITDA growth leveraging on a consistent asset portfolio strategy
EBITDA growth leveraging on a consistent, solid and visible asset portfolio strategy EBITDA evolution1 (€bn) Grids Actual 2024 22.8 • +7 €bn RAB and WACC updates drive EBITDA growth • Extra remuneration on networks upgrade, resilience projects and grants Guidance 22.1 - 22.8 compensation close the b
Slide 35: The financial plan
The financial plan ene
Slide 36: Industrial growth and shareholder remuneration fueled by solid financial position
Industrial growth and shareholder remuneration fueled by a solid financial position 2025-27 Funds allocation (€bn) Sources Uses 65. 0 55. 0 Leveraging on 6 45. 0 financial 40 flexibility and 35. 0 25. 0 46 52 15. 0 cash 19 generation to 5.0 -5.0 ~6 -15.0 fund growth FFO Partnerships Total Capex net
Slide 37: Refinancing strategy and cost of debt evolution
Refinancing strategy and cost of debt evolution Financial strategy for 2025-27 Cost of debt evolution 2024-27 5.0% 4.5% Amount Expected (€bn) cost1 4.0% 3.5% 3.9% Centralized 26.9 3.6% 3.0% 2024 2025 2026 2027 Countries 3.8 8.2% Financial expenses (€bn) Total 30.7 4.1% 2024 2025 2026 2027 On debt 2.
Slide 38: Solid liquidity position to cover long term maturities
Solid liquidity position to cover long term maturities Liquidity available1 LT Debt maturity by year (€bn) LT Maturities/ 6% 12% 11% Gross Debt Cash 30.0 4.1 Ample liquidity available covers 25.0 > 100% debt maturities over the 21.3 20.0 22.3 €bn 15.0 period 25-27 10.0 8.7 8.2 Average yearly refinan
Slide 39: Targets
Targets ene
Slide 40: Plan's targets for 2025
Plan’s targets for 2025 Ordinary EBITDA (€bn) Ordinary Net Income (€bn) 10%1 17%1 CAGR 22-25 CAGR 22-25 22.9-23.1 6.7-6.9 17.3 4.3 2022 Like 2025 2027 2022 Like 2025 2027 2 for Like for Like 2 1. Calculated on mid-point of the guidance range 2. Calculated excluding the impact from disposals and stew
Slide 41: Closing remarks
Closing remarks ene
Slide 42: Closing remarks
Closing remarks Continued Optimization of the A solid Strategic maximization of Focus on core risk-return profile Plan centered cash generation to businesses and of the Group, on core activities, maintain a solid geographies to boosting open to innovation financial position enhance visibility invest
Slide 43: Full Year 2024 Consolidated results
Full Year 2024 Consolidated results March 13th, 2025
Slide 44: Full Year 2024 Consolidated results – Flavio Cattaneo
Full Year 2024 Consolidated results Flavio Cattaneo CEO
Slide 45: Opening remarks
Opening remarks Re-building a constructive and De-leverage Visible 2024 continued completion improves Shareholder delivery on solid institutional balance sheet remuneration: performance dialogue, with flexibility to fuel 0.47 €/sh of the underlying positive and visible future and additional DPS for
Slide 46: Full Year 2024 results at the top of the guidance range
Full Year 2024 results at the top of the guidance range EBITDA1,2 (€bn) Net Income1 (€bn) Net Debt/EBITDA +4% +10% 22.0 22.8 22.1-22.8 7.1 2.7x 6.5 6.6-6.8 2.4x 2.4x FY 2023 FY 2024 Guidance FY 2023 FY 2024 Guidance FY 2023 FY 2024 Guidance 1. Ordinary figures. 2. It excludes extraordinary items in
Slide 47: Proactive advocacy activity to support business evolution
Proactive advocacy activity to support business evolution Extension of distribution concession included in the 2025 Budget Law1 ▪ 20-year extension ▪ Investment plan to address network upgrade and resiliency ▪ Upfront payment for the concession renewal to be recognized as RAB ▪ Terms and fee magnitu
Slide 48: Gross capex mix defined according to strategic priorities
Gross capex mix defined according to strategic priorities and capital allocation guidelines Gross capex1 (€bn) Business lines’ mix Geographical’s mix FY ‘23 FY ‘24 1.2 1.2 11.0 11.0 1.0 1.0 RAB2 (€bn) 44.4 45.1 0.8 ROW 0.8 RES production on total3 63% 71% 0.6 +14 p.p. 0.6 +3 p.p. vs 2023 vs 2023 0.4
Slide 49: Capital allocation: leveraging on different models
Capital allocation: leveraging on different models to enhance value creation and maximize returns November 2024 February 2025 Spain Australia Acquisition of 100% of Acquisition of over 1 GW of RES hydro assets portfolio through Enel’s JV Focus on less risky 0.6 GW of hydro assets acquired Over 1 GW
Slide 50: Continued effort on cash-cost optimization
Continued effort on cash-cost optimization Addressable cash-cost baseline1 (€bn) Addressable cash-cost base ~0.8 €bn Reducing worthless cash-cost focusing 94% resources and management actions 7.5 only on value accretive processes 7.0 and services 0.8 €bn 6.5 6.0 5.5 5.0 ~7.0 6.7 Optimization visible
Slide 51: A solid financial position and focus on environmental sustainability
A solid financial position and confirmed focus on environmental sustainability Financial sustainability Environmental sustainability Net Debt/EBITDA FFO/Net Debt Total absolute emissions (MtCO2eq) -63% Peers’ avg.1 3.2x 250 0.8x 200 2.7x 25% 25% 150 190 2.4x 100 94 ~70 50 0 FY 2023 FY 2024 FY 2023 F
Slide 52: Shareholder remuneration improves on solid results
Shareholder remuneration improves on solid results Dividend policy 0.6 2024 DPS (€/sh) 0.5 0.5 Visible 0.5 improvement 0.5 +9% 0.47 in shareholder 0.5 remuneration 0.43 0.4 with 9% DPS 0.4 increase, fully covered by 0.4 organic and 0.4 sustainable 0.4 1 2023 2024 Jan. 22 interim growth dividend paid
Slide 53: Full Year 2024 Economic and financial results – Stefano De Angelis
Full Year 2024 Economic and financial results Stefano De Angelis CFO
Slide 54: Operational delivery
Strong operating delivery and solid cash generation reinstate a sustainable growth trajectory Operational delivery Emission free production1 (TWh) Liberalized Market Customers (mn) RAB2 (€bn) +10TWh broadly flat +0.7 145 155 RoW 84 88 18.5 18.4 44.4 45.1 Iberia 42 39 Italy 22 25 FY 2023 FY 2024 FY 2
Slide 55: Solid returns in grids drives EBITDA up by 8%
Grids Solid and visible returns in grids drives EBITDA up by 8%, net of disposals EBITDA evolution (€bn) Capex uplift in a supportive regulatory +8% scheme and improved efficiency drive robust 9 EBITDA performance 8 7.3 0.4 0.2 7.9 7 - 2.0 Latam 6 2.1 Final positive outcome of 2020 remuneration +0.2
Slide 56: Integrated business EBITDA up on normalized performances
Integrated business Integrated business EBITDA up on normalized renewables and retail performances Retuned REN contribution after an adverse 2023 EBITDA evolution (€bn) context; drivers of the change in the results were: Renewables 1) resources availability (+6 TWh); 2) capacity expansion in USA and
Slide 57: Net Ordinary Income
Net Ordinary Income Profit & loss (€bn) 2021-24 Net Income evolution 8 7.1 FY 2024 FY 2023 ∆ yoy 6.5 5.4 7 6 5.6 Ordinary EBITDA 22.8 22.0 +4% 7.0 5 2x vs 2023 4 D&A and Provisions (8.0) (7.9) 3 2 3.2 3.4 Financial expenses1 (3.1) (3.2) (0.5) €bn cash out 1 vs 2023 at FFO 0 1.7 Income taxes (3.3) (3
Slide 58: Strong cash generation with FFO reaching almost 14 €bn
Strong cash generation with FFO reaching almost 14 €bn in 2024 Cash flow (€bn) FY 2024 o (1.6) Δ Provisions o (0.6) Δ WC (neutral WC net of Normalized 28.0 64% 2023 Qatar arbitration) FFO/EBITDA 23.0 22.8 18.0 (2.1) 20.7 0.4 0.5 (16.9 3.8 ) (13.7 3.2 ) 14.6 13.0 13.7 13.7 14.2 8.0 3.0 -2.0 Ordinary
Slide 59: Net debt at 55.8 €bn, reducing more than 4 €bn
Net debt at 55.8 €bn, reducing more than 4 €bn vs previous year Net debt evolution1 (€bn) Successful (1.1) €bn Grants (1.1) €bn BESS partnerships (0.8) €bn Solar in Spain execution of 11.0 Group’s financial 60.2 (2.0) turnround (13.7) (4.0) 5.4 55.8 9.9 1.5 €bn FX Best in class ND/EBITDA 2.4x FFO-Ca
Slide 60: FY 2024: EBITDA and Net Income Pro Forma
FY 2024: EBITDA and Net Income Pro Forma Ordinary EBITDA evolution (€bn) Ordinary Net Income evolution (€bn) o (0.1) Perù o (0.1) Grids in Lombardy o (0.3) Perù o (0.1) Grids in Lombardy +3%1 +3%1 …adding financial flexibility on top 22.8 (0.4) 22.9- 7.1 (0.2) of the secured 22.4 23.1 6.7-6.9 +3% ba
Slide 61: Full Year 2024 Closing remarks
Full Year 2024 Closing remarks
Slide 62: Closing remarks
Closing remarks A restored financial solidity… 1 2 3 4 Solid economic Full Year 2025 …to capture …guarantee an and financial guidance fully additional attractive results confirm confirmed on profitable growth shareholders’ Group’s delivery baseload evolution opportunities and… remuneration capabilit
Slide 63: First Half 2025 Consolidated results
First Half 2025 Consolidated results July 31st, 2025
Slide 64: First Half 2025 – Flavio Cattaneo
First Half 2025 Consolidated results Flavio Cattaneo CEO
Slide 65: Opening remarks
Opening remarks Solid economic and Shares Buy back Resilient business Continued advocacy financial results implementation: model supported by activities Net ordinary income 1 €bn tranche from managerial actions to support business up by 4% net of August 1st to implemented evolution perimeter Decembe
Slide 66: H1 2025 delivery shows solid economic and financial results
H1 2025 Delivery shows solid economic and financial results EBITDA1,2 (€bn) Net Income1 (€bn) FFO/ND (ltm) 11.7 +1% 4.0 +4% disposals Net of perimeter Net of perimeter 0.3 disposals 0.3 11.5 26% 25% 3.8 11.4 3.7 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 2025 Guidance (€bn) 6.7-6.9 FY 2025 guid
Slide 67: Delivering on CMD's strategic pillars: capital allocation
Delivering on CMD’s strategic pillars: capital allocation 1 Profitability, flexibility and resiliency Gross capex1 (€bn) Business mix Geographical mix H1 2024 H1 2025 Pro-forma 6.0 5.5 6.00 5.5 RAB/customer (€/customer) ~650 658 Hydro acquisition in Spain 5.0 1.0 ROW 5.00 RES production on total2 72
Slide 68: Brownfield opportunities to boost capital allocation on renewables
Brownfield opportunities to boost capital allocation on renewables 1 Profitability, flexibility and resiliency February 2025 May 2025 Australia US Acquisition of over 1 GW of RES Assets Swap between EGP NA portfolio through Enel’s JV and Gulf Pacific Power Implementation of renewables’ Over 1 GW acq
Slide 69: Delivering on CMD's pillars: operations and sustainability
Delivering on CMD’s strategic pillars: Group’s operations and sustainability Efficiency and effectiveness 2 3 Financial and environmental sustainability Addressable cash-cost base (From FY 2022 to H1 2025) STABLE ND/EBITDA Restored financial (ltm) 2.5x 2.5x flexibility to sustain 97% additional long
Slide 70: First Half 2025 – Stefano De Angelis
First Half 2025 Consolidated results Stefano De Angelis CFO
Slide 71: Operating delivery across all businesses…
Operating delivery across all businesses… Renewables KPIs Liberalized market clients (mn) Grids Production (TWh) Grids’ EBITDA on total 2025 - 20241 17.8 +3 p.p. 17.8 6.7 6.4 1 TWh higher Paving the way for a relevant and production growing share of Groups’ EBITDA 11.1 11.4 Storage Capacity (GW) RAB
Slide 72: …sustains secured and organic delivery
…sustains “secured” and organic delivery proved by positive net cash flow outcomes EBITDA1 (€bn) Net Income1 (€bn) Net Debt (€bn) Normalized +3% +1% +4% (2 €bn) 11.4 11.5 7.5 7.2 57.4 55.4 3.7 3.8 4.0 4.4 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 Pro Forma Pro Forma Net Ordinary Net Debt/ 11.7
Slide 73: Secured growth more than offsetting FX and regulated cost of sourcing
Proving our secured growth more than offsetting FX and regulated cost of sourcing spike in Spain EBITDA1 (€bn) 1 Avg. Plan Avg. H1 2025 EUR/USD +1% FX impact vs Normalized plan scenario +3% EUR/BRL 11.4 11.5 2 EBITDA impact (€ mn) 7.5 7.2 Curtailment in Brazil ~40 (1.5) TWh ~10 H1 2024 H1 2025 4.0 4
Slide 74: Enel Group Ordinary EBITDA: H1 2025 overview by country
Enel Group Ordinary EBITDA: H1 2025 overview by country EBITDA by geography1 (€bn) (€bn) (1.5%) +5% Lower contribution of Thermal Generation & Integrated business up by Trading and Retail 6% thanks to optimized normalization partially integrated energy 4% 5.9 5.8 compensated by strong 2.5 2.7 manage
Slide 75: EBITDA up by 9% net of perimeter effect
EBITDA up by 9% net of perimeter effect, Latam performance offset by FX impact EBITDA evolution1 (€bn) Capex (€bn) Main KPIs Grids RAB (€bn): 45 €bn H1 242 H1 25 +9% Italy 20.9 21.6 +0.7 FX impact yoy: Iberia 11.1 11.3 +0.2 5 (190) €mn -4% 4.5 4.0 4.4 Latam 12.4 12.4 - 0.7 1.2 Electricity distribute
Slide 76: Integrated strategy evolution in line with expected trend
Integrated strategy evolution in line with expected trend for 2025 Integrated EBITDA evolution1 (€bn) business ∆ yoy Pro-forma Positive impact of renewables development more than offset by Renewables -4% Weaker renewables resources availability mainly in Europe (0.2) Ongoing 2025 results supported b
Slide 77: EBITDA in Italy supported by Grids' performance
EBITDA in Italy supported by Grids’ performance Grids Retail Generation EBITDA (€bn)1 EBITDA (€bn)1 EBITDA (€bn)1 +18% (2%) (0.3) +0.1 2.4 2.1 1.1 Impact from 2.2 The secured 0.8 Gas wholesale 1.9 growth engine 1.0 0.76 0.6 0.7 1.31 1.25 contracts hedging H1 2024 H1 2025 Q1 2024 Q1 2025 Q2 2024 Q2 2
Slide 78: Group's Customers and Generation business in Italy
Group’s Customers and Generation business in Italy Retail (€bn) B2C and SME Renewable Generation EBITDA (€bn) Fixed Price Power Sales (0.3) +0.1 hedging1 (TWh) Matchable with Retail Customer Base 100% contracted with 1.0 0.76 0.6 0.7 price optionality3 ~21 ~21 ~100% ~90% Q1 2024 Q1 2025 Q2 2024 Q2 2
Slide 79: Net Ordinary Income evolution
Net Ordinary Income evolution (€bn) Lower bad debt in - Lower cost of debt Europe for - 9.3 €bn Debt reduction around 0.2 €bn versus June 2024 - Income on equity: (0.14 €bn) perimeter effect 11.5 0.3 €mn equity reserves (non-cash) after closing of Slovénske sale (3.9) (1.3) (1.8) (0.7) (0.4) 3.8 3.4
Slide 80: Cash generation: FFO adjusted at 6.7 €bn
Cash generation: FFO adjusted at 6.7 €bn FFO (€bn) Net Debt (€bn) 4.5 €bn Gross Capex ~0.7 €bn ΔWC Capex 0.9 €bn Hydro in Spain 0.1 €bn Equity Injection (0.3) €bn Grants & Partnerships (2.7) €bn ΔWC 0.3 €bn Claw Back 55.8 (2.4) 2.8 (6.7) 55.4 ~0.7 €bn ΔWC Capex 6.0 11.5 (1.8) FFO-Capex 0.7 €bn (1.7)
Slide 81: Full Year guidance supported by improved business performance
Full Year guidance supported by improved business performance offsetting headwinds 2025 Ordinary EBITDA guidance (€bn) ✓ Prolonged FX impact also in H2 ✓ No additional impact of ancillary services in Spain ✓ Further impact from curtailment in Latam 22.9-23.1 Full Year 2025 EBITDA +3% vs 11.4-11.6 gu
Slide 82: First Half 2025 Closing remarks
First Half 2025 Closing remarks
Slide 83: Closing remarks
Closing remarks 1 2 3 4 Constant delivery Brownfield assets Full year 2025 Ensuring value on results and opportunities Net income at the creation for strategic plan to boost top of the guidance shareholders execution renewables’ growth range 82
Slide 84: 2025-27 Financial Annexes
2025-27 Financial Annexes ene
Slide 85: Macroscenario
2025-27 Macroscenario ene
Slide 86: GDP, CPI and FX
GDP, CPI and FX 1 GDP (% ) CPI (% ) FX against € 2025 2026 2027 2025 2026 2027 2025 2026 2027 Italy 1.1 1.1 0.7 1.9 1.7 1.7 n.m n.m n.m Iberia 1.9 1.7 1.6 2.2 2.0 1.9 n.m n.m n.m Latin America Brazil 2.2 2.4 2.3 3.9 3.8 3.4 5.8 5.8 5.9 Chile 2.6 2.7 2.4 3.6 3.0 3.0 1,019.2 998.9 1,003.4 Colombia 2.7
Slide 87: Commodities' prices
Commodities’ prices 2025 2026 2027 Power price - Italy (€/MWh) 114.0 111.0 104.0 Power price - Spain (€/MWh) 67.0 64.0 62.0 Gas TTF (€/MWh) 38.1 35.4 31.4 Gas Henry Hub ($/mmbtu) 10.5 10.9 11.3 Gas PSV (€/MWh) 39.5 36.7 32.1 Oil Brent ($/bbl) 76.0 74.0 72.0 Coal API2 ($/ton) 120.0 122.0 96.0 CO2 (€/
Slide 88: Enel Green Power
2025-27 Enel Green Power ene
Slide 89: 2025-27 RES Additional Capacity (MW)
2025-27 RES Additional Capacity1 (MW) Hydro Wind Solar & Other BESS Total 2025 2026 2027 2025 2026 2027 2025 2026 2027 2025 2026 2027 2025 2026 2027 2025-27 Italy 5 2 3 60 770 426 20 280 283 - 193 - 86 1,245 712 2,043 Iberia 626 3 - 414 200 521 400 246 466 5 103 38 1,446 551 1,026 3,022 Latin Americ
Slide 90: Consolidated capacity and production
Consolidated capacity and production1 By geography By technology Capacity2 Production3 Capacity2 Production3 5% 14% 10% 17% 17% 13% 19% 16% 2% 5% 30% 5% 1% 4% 12% 2027 2027 2027 2027 87.2 GW 209 TWh 87.2 GW 209 TWh 26% 28% 33% 22% 31% 33% 27% 30% 75% share of RES4 Italy Latin America Hydro Wind Sola
Slide 91: Grids
2025-27 Grids ene
Slide 92: Electricity distributed, Grid customers, Smart meters
Electricity distributed, Grid customers, Smart meters1 Electricity End users Smart meters distributed (TWh) (mn) (mn) 2024 2027 2024 2027 2024 2027 Italy 217 217 31.1 31.2 31.0 31.1 Iberia 139 145 12.6 12.9 12.5 12.6 Latin America 122 126 24.8 26.5 1.7 5.8 Total 478 489 68.5 70.6 45.2 49.5 1. Rounde
Slide 93: Grids: current regulatory framework
Grids: current regulatory framework1 Italy Iberia Brazil Chile Colombia WACC real 5.6% 5.6%2 11.2% 7.0%3 12.1% pre tax 2025 Next Regulatory 2028 2026 2027-28 2028 2025 Period 5 (Rio) Regulatory Period 4+4 6 4 (São 4 5 Length (years) Paulo/Ceara) Metering Owned by Owned by Owned by Owned by Owned by
Slide 94: Enel X Global Retail
2025-27 Enel X Global Retail ene
Slide 95: Power & Gas: customers and volumes
Power & Gas: customers and volumes1 Italy Iberia2 Customer (mn) Volumes (TWh) Customer (mn) Volumes (TWh) 16 14.6 90 73.7 12 10.2 10.6 90 74.4 83.1 14 2.9 12.1 80 70.8 80 8.0 7.4 7.3 10 3.5 3.5 70 70 12 60 8 60 10 Power 50 50 8 6 11.7 40 66.4 40 67.1 75.1 7.1 6 6.7 30 4 30 4 20 20 2 2 10 10 0 0 0 0
Slide 96: Products and services
Products and services Charging Points (k) Street lighting (mn) Storage (MW) Demand Response (GW) 2024 2027 2024 2027 2024 2027 2024 2027 Italy 22.4 35.4 1.6 1.6 - 18.2 0.7 0.9 Iberia 6.2 9.6 0.2 0.2 - - 0.1 0.1 Rest of World 1.0 2.4 1.1 1.8 11.0 10.7 8.5 12.7 Latin America 1.0 2.4 1.1 1.8 - - - 0.1
Slide 97: Italian power market: 4Q 2024
Italian power market: 4Q 20241 Customers (mn) Energy sold (TWh) Enel Enel market share market share 28.9 37.0 254.0 270.7 31% 6.8 6.8 204.5 205.2 28%3 22.1 43% 30.3 8.1 0.7 49.5 66.2 44% 16.0 Regulated2 Free Total 2 Regulated 3 Free Total 3 Enel Enel 85% 40% 79% 31% market share market share Busines
Slide 98: Spanish power market
Spanish power market1 Customers (mn) Energy sold (TWh) Enel Enel market share2 market share3 21.6 30.2 0.9 0.9 157.3 172.4 29% 20.7 107.6 107.9 28% 29.3 23% 8.7 15.2 49.7 64.5 28% 0.4 14.8 Regulated Free Total Regulated Free Total Enel Enel market share 42% 29% market share 43% 28% Business Resident
Slide 99: Enel Group financials
2025-27 Enel Group financials
Slide 100: 2025-27 Cumulated Gross Capex (€bn)
2025-27 Cumulated Gross Capex1 (€bn) by GBL By geography 4%6% Grids 25% Italy Enel X Global Retail3 Iberia 28% Conv. Gx & Wholesale 432 €bn 52% Rest of World 432 €bn 62% Renewables 23% 3 Services Global Generation & Trading Renewables Energies Enel Grids Enel X Global Retail Total & Other 2025 202
Slide 101: 2025-27 Asset development Capex (€bn)
2025-27 Asset development Capex1 (€bn) By GBL By geography 2% 1% Grids 22% Italy Enel X Global Retail3 Iberia 40% Conv. Gx & Wholesale 252 €bn 252 €bn Rest of World 57% 58% Renewables 20% Services Global Generation & Trading Renewables Energies Enel Grids Enel X Global Retail 3 Total & Other 2025
Slide 102: Group Ordinary EBITDA: focus on grids
Group Ordinary EBITDA1: focus on grids By GBL2 (€bn) Focus on grids FY 2024 22.8 24.1 - 24.5 Latin America 22.1 - 22.83 Italy 28% ~15.0 15.2 ~15.0 51% 2027 ~9.8 €bn2 7.9 ~8.0 ~9.8 21% 2024E 2027 Iberia 1. Rounded figures. 2. Other is not included in the breakdown 3. Guidance range does not include P
Slide 103: Group Ordinary EBITDA: focus on integrated business
Group Ordinary EBITDA1: focus on integrated business By GBL2 (€bn) Focus on integrated business FY 2024 22.8 24.1 - 24.5 RoW 22.1 - 22.83 ~15.0 31% 15.2 ~15.0 2027 ~15.0 €bn 69% 7.9 ~8.0 ~9.8 Europe 2024E 2027 1. Rounded figures. 2. Other is not included in the breakdown 3. Guidance range does not i
Slide 104: FY 2024 Consolidated results Annexes
FY 2024 Consolidated results Annexes
Slide 105: FY 2024 consolidated results: Macroscenario
FY 2024 consolidated results Macroscenario GDP (%) CPI (%) FX against €1 Spot Price (€/MWh) 1 Electricity Demand (TWh) FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 Italy 0.48 0.79 1.08 6.03 107.98 127.24 312.28 305.27 Iberia 3.25 2.67 2.88 3.43 62.90 87.43 296.44 2
Slide 106: Group consolidated net capacity
FY 2024 consolidated results Group consolidated net capacity: breakdown by technology and geography Solar & MW Hydro Wind Geothermal Nuke Oil & Gas Coal CCGT TOTAL Other Italy 12,994 874 776 436 - 1,632 4,160 4,709 25,582 Iberia 4,746 2,893 - 2,492 3,328 2,304 241 5,445 21,449 Rest of World 9,957 11
Slide 107: Group consolidated net production
FY 2024 consolidated results Group consolidated net production: breakdown by technology and geography Solar & GWh Hydro Wind Geothermal Nuke Oil & Gas Coal CCGT TOTAL Other Italy 18,475 1,314 5,240 313 - 291 1,361 7,789 34,783 Iberia 7,660 6,374 - 3,758 24,152 4,309 54 13,474 59,780 Rest of World 38
Slide 108: Group total additional capacity
FY 2024 consolidated results Group total additional capacity1: breakdown by technology and geography Solar & MW Hydro Wind Geothermal Nuke Oil & Gas Coal CCGT TOTAL Other Italy 3 - - 200 - 82 - 102 387 Iberia - 9 - 223 - - - - 232 Rest of World 155 194 - 1,856 - - - - 2,205 Latin America and Central
Slide 109: Enel Grids KPIs
FY 2024 consolidated results Enel Grids KPIs1 Electricity distributed (TWh) Grid customers (mn) Smart meters (mn) FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 Italy 217.4 214.1 31.1 31.8 31.0 31.7 Iberia 138.6 136.5 12.6 12.5 12.5 12.4 Rest of World 125.3 138.8 24.8 25.9 1.7 1.1 Latin America 121
Slide 110: Enel X Global Retail: Retail KPIs
FY 2024 consolidated results Enel X Global Retail: Retail KPIs1 Power Gas Customers (mn) Volumes (TWh) Customers (mn) Volumes (bsmc) FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 Italy 14.6 18.5 73.7 87.2 4.0 4.3 3.4 4.1 Iberia 10.2 10.5 74.4 77.7 1.8 1.8 3.4 3.8 Rest of World 24.7
Slide 111: Enel X Global Retail: Enel X
FY 2024 consolidated results Enel X Global Retail: Enel X1 Enel X Public Charging points (k) Street lighting (mn) Storage (MW) Demand Response (GW) FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 Italy 22.4 19.1 1.6 1.6 - - 0.7 0.8 Iberia 6.2 5.5 0.2 0.1 - - 0.1 0.2 Rest of World 1.0
Slide 112: Capex (€mn)
FY 2024 consolidated results Capex1 (€mn) Global Generation 2 Services Enel Grids Renewable Energies Enel X Global Retail Total & Trading & Other FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 Italy 269 393 3,530 3,084 1,027 1,982 549 565 47 74 5,422
Slide 113: Asset development Capex (€mn)
FY 2024 consolidated results Asset development Capex1 (€mn) Global Generation 2 Services Enel Grids Renewable Energies Enel X Global Retail Total & Trading & Other FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 Italy 215 300 1,600 1,471 850 1,780 133
Slide 114: Revenues (€mn)
FY 2024 consolidated results Revenues1 (€mn) Global Generation Services Enel Grids Renewable Energies Enel X Global Retail 2 Total & Trading & Other FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 Italy 13,775 26,178 9,281 7,610 4,104 3,248 22,869 28,7
Slide 115: Reported EBITDA (€mn)
FY 2024 consolidated results Reported EBITDA1 (€mn) Global Generation 2 Services Enel Grids Renewable Energies Enel X Global Retail Total & Trading & Other FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 Italy 1,658 2,552 5,002 3,566 2,266 555 3,128 4,
Slide 116: Ordinary EBITDA (€mn)
FY 2024 consolidated results Ordinary EBITDA1 (€mn) Global Generation 2 Services Enel Grids Renewable Energies Enel X Global Retail Total & Trading & Other FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 Italy 1,732 2,718 4,023 3,589 2,266 555 3,159 4,
Slide 117: Reported EBIT (€mn)
FY 2024 consolidated results Reported EBIT1 (€mn) Global Generation 2 Services Enel Grids Renewable Energies Enel X Global Retail Total & Trading & Other FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 Italy 1,422 2,351 3,549 2,116 1,853 199 1,923 2,98
Slide 118: From EBITDA to net income
FY 2024 consolidated results From EBITDA to net income1 (€mn) FY 2024 FY 2023 FY 2024 FY 2023 ∆ yoy ∆ yoy reported reported ordinary ordinary EBITDA 24,066 20,255 18.82% 22,801 21,969 3.8% D&A (8,572) (9,423) (8,040) (7,927) EBIT 15,494 10,832 43.04% 14,761 14,042 5.1% Net financial charges (3,401)
Slide 119: Long-term debt structure
FY 2024 consolidated results Long-term debt1 structure By currency Interest rate Long term By currency After swap composition credit ratings 51% Rating Outlook 84% 16% S&P BBB Stable 68.0 €bn 68.0 €bn 68.0 €bn Moody’s Baa1 Stable 6% 3% 3% 4% 84% 2% 9% Fitch BBB+ Stable 1% 37% EUR USD BRL Floating Fi
Slide 120: Debt structure by instrument
FY 2024 consolidated results Debt structure by instrument (€bn) EGP SpA Latam and Rest of the USA & Other Debt by instrument Enel Spa EFI and Central Italy Iberia Central Total World Canada countries Others America Bonds 2.3 41.26 - - 0.01 4.03 3.33 0.7 - 47.6 Bank Loans 1.34 - 0.17 3.99 6.15 4.85 3
Slide 121: Balance sheet (€mn)
FY 2024 consolidated results Balance sheet (€mn) FY 2024 FY 2023 Δ Net financial debt 55,767 60,163 -7.3% Shareholders' equity 49,171 45,109 9.0% Net capital employed 104,938 105,272 -0.3% 120
Slide 122: Headcount
FY 2024 consolidated results Headcount 1 FY 2024 FY 2023 ∆ yoy Generation and Trading 5,105 5,725 -10.8% Enel Green Power 8,269 8,891 -7.0% Distribution 32,214 30,946 4.1% 1 Enel X Global Retail 7,944 8,926 -11.0% Others and adjustments 6,827 6,567 4.0% Total 60,359 61,055 -1.1% 1. Enel X Global Ret
Slide 123: H1 2025 Consolidated results Annexes
H1 2025 Consolidated results Annexes
Slide 124: H1 2025 consolidated results: Macroscenario
H1 2025 consolidated results Macroscenario GDP (%) CPI (%) FX against € (January-June avg) Spot Price (€/MWh)1 Electricity Demand (TWh) H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 Italy 0.64 0.46 1.82 0.92 119.50 93.56 152.42 152.11 Iberia 2.71 3.00 2.40 3.42 60.2
Slide 125: Group consolidated net capacity
H1 2025 consolidated results Group consolidated net capacity: breakdown by technology and geography Solar & MW Hydro Wind Geothermal BESS Nuke Oil & Gas Coal CCGT TOTAL Other Italy 12,995 874 776 437 1,688 - 1,633 4,160 5,507 28,072 Iberia 5,369 2,893 - 2,530 6 3,328 2,293 241 5,445 22,104 Rest of W
Slide 126: Group consolidated net production
H1 2025 consolidated results Group consolidated net production: breakdown by technology and geography Solar & GWh Hydro Wind Geothermal Nuke Oil & Gas Coal CCGT TOTAL Other Italy 8,970 659 2,608 322 - 56 547 2,518 15,681 Iberia 5,201 2,950 - 1,702 12,087 2,026 89 6,082 30,137 Rest of World 17,550 18
Slide 127: Group total additional capacity
H1 2025 consolidated results Group total additional capacity1: breakdown by technology and geography Solar & MW Hydro Wind Geothermal BESS Nuke Oil & Gas Coal CCGT TOTAL Other Italy 1 - - 1 514 - - - 798 1,314 Iberia 623 - - 38 - - - - 661 Rest of World - - - 23 - - - - 23 Latin America and Central
Slide 128: Renewable projects in execution and pipeline
H1 2025 consolidated results Pipeline Renewable projects in execution: breakdown by technology and 2025-27 Additional capacity target2 geography1 2.4 Solar & MW Wind Hydro Geothermal BESS Total Other Italy - 2 - 12 802 816 Iberia 24 8 - 572 5 609 12 GW 1.2 Rest of World 336 2 - 654 20 1,012 Latin A
Slide 129: Mature pipeline
H1 2025 consolidated results Mature pipeline1 By technology By geography2 By COD 6% 12% 1% 19% 13% 36% 61.5 GW 61.5 GW 15% 61.5 GW 34% 58% 20% 86% Wind 2026 Italy USA & Canada 2027 Solar Iberia Other countries >2027 Hydro & Other Latam and Central America 1. It excludes BESS mature pipeline 2. Latin
Slide 130: Enel Grids KPIs
H1 2025 consolidated results Enel Grids KPIs1 Electricity distributed (TWh) Grid customers (mn) Smart meters (mn) H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 Italy 101.3 104.7 31.2 31.9 31.1 31.8 Iberia 69.6 67.6 12.7 12.6 12.5 12.5 Rest of World 60.5 64.5 25.0 24.5 2.1 1.4 Latin America 60.5 60
Slide 131: Enel X Global Retail: Retail KPIs
H1 2025 consolidated results Enel X Global Retail: Retail KPIs1 Power Gas Customers (mn) Volumes (TWh) Customers (mn) Volumes (bsmc) H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 Italy 14.1 17.1 27.9 37.2 3.9 4.1 1.8 2.1 Iberia 9.9 10.3 36.3 36.6 1.7 1.8 1.6 1.9 Rest of World 24.9
Slide 132: Enel X Global Retail: Enel X
H1 2025 consolidated results Enel X Global Retail: Enel X Enel X Public Charging points (k) Street lighting (mn) Storage (MW) Demand Response (GW) H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 Italy 23.2 20.5 1.6 1.6 - - 0.8 0.6 Iberia 6.4 5.9 0.2 0.2 - - 0.1 0.1 Rest of World 1.0
Slide 133: Capex (€mn)
H1 2025 consolidated results Capex1 (€mn) Global Generation 2 Services Enel Grids Renewable Energies Enel X Global Retail Total & Trading & Other H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 Italy 58 122 2,035 1,738 259 439 219 292 70 100 2,640 2,69
Slide 134: Asset development Capex (€mn)
H1 2025 consolidated results Asset development Capex1 (€mn) Global Generation Services Enel Grids Renewable Energies Enel X Global Retail 2 Total & Trading & Other H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 Italy 40 102 1,103 882 172 384 43 78 55
Slide 135: Revenues (€mn)
H1 2025 consolidated results Revenues1 (€mn) Global Generation 2 Services Enel Grids Renewable Energies Enel X Global Retail Total & Trading & Other H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 Italy 9,842 6,340 4,407 4,021 2,120 2,049 9,319 11,960
Slide 136: Reported EBITDA (€mn)
H1 2025 consolidated results Reported EBITDA1 (€mn) Global Generation 2 Services Enel Grids Renewable Energies Enel X Global Retail Total & Trading & Other H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 Italy 845 1,083 2,239 1,940 1,251 1,311 1,508 1,
Slide 137: Ordinary EBITDA (€mn)
H1 2025 consolidated results Ordinary EBITDA1 (€mn) Global Generation 2 Services Enel Grids Renewable Energies Enel X Global Retail Total & Trading & Other H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 Italy 845 1,083 2,239 1,940 1,251 1,311 1,508 1,
Slide 138: Reported EBIT (€mn)
H1 2025 consolidated results Reported EBIT1 (€mn) Global Generation 2 Services Enel Grids Renewable Energies Enel X Global Retail Total & Trading & Other H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 Italy 747 983 1,523 1,233 1,040 1,125 1,131 1,139
Slide 139: From EBITDA to net income
H1 2025 consolidated results From EBITDA to net income1 (€mn) H1 2025 H1 2024 H1 2025 H1 2024 ∆ yoy ∆ yoy reported reported ordinary ordinary EBITDA 11,092 12,862 -14% 11,468 11,681 -1.8% D&A (3,893) (3,874) (3,875) (3,819) EBIT 7,199 8,988 -19.9% 7,593 7,862 -3.4% Net financial charges (1,321) (1,5
Slide 140: Long-term debt structure
H1 2025 consolidated results Long-term debt1 structure By currency Long term By currency Interest rate composition After swap credit ratings 54% Rating Outlook 17% S&P BBB Stable 84% 64.9 €bn 64.9 €bn 64.9 €bn Moody’s Baa1 Stable 6% 3% 3% 4% 83% 1% 3% 8% Fitch BBB+ Stable 33% EUR USD BRL Floating Fi
Slide 141: Debt structure by instrument
H1 2025 consolidated results Debt structure by instrument (€bn) EGP SpA and LATAM and Rest of the USA and Debt by instrument Enel Spa EFI Central Italy Iberia Central RoW-Other Total World Canada Others America Bonds 2.23 39.2 - - 0.01 3.97 3.35 0.62 - 45.41 Bank Loans 1.3 - 0.15 4.05 6 4.4 3.42 0.9
Slide 142: Debt maturity coverage split by typology
H1 2025 consolidated results Debt maturity coverage split by typology (€bn) Available liquidity 29.6 Bank Loans and Others 4.1 Bonds 7.8 22.3 €bn 18.2 8.7 21.8 4.4 8.2 7.4 6.2 3.3 2.6 2.9 1.2 1.3 5.4 5.6 3.1 4.5 5.0 Available committed credit lines1 2025 2026 2027 2028 2029 After 2029 Cash 1. Of whi
Slide 143: Balance sheet (€mn)
H1 2025 consolidated results Balance sheet (€mn) H1 2025 FY 2024 Δ Net financial debt 55,447 55,767 -0.6% Shareholders' equity 49,404 49,171 0.5% Net capital employed 104,851 104,938 -0.1% 142
Slide 144: Headcount
H1 2025 consolidated results Headcount 1 H1 2025 FY 2024 ∆ yoy Generation and Trading 4,873 5,105 -4.5% Enel Green Power 7,466 8,269 -9.7% Distribution 34,022 32,214 5.6% 1 Enel X Global Retail 6,768 7,944 -14.8% Others and adjustments 7,821 6,827 14.6% Total 60,950 60,359 1.0% 1. Enel X Global Reta
Slide 145: Disclaimer
Disclaimer This presentation contains certain forward-looking statements that reflect the Company’s management’s current views with respect to future events and financial and operational performance of the Company and its subsidiaries. These forward-looking statements are based on Enel S.p.A.’s curr
Slide 146: Contact us
Contact us Contacts Email investor.relations@enel.com Phone +39 06 8305 7975 Omar Al Bayaty Head of Group Investor Relations Investor Relations App iOS Android Serena Carioti – Equity and Credit Analysts Noemi Tomassi Esteci Yamil Medina Luciano Paolo Germiniani - Equity Investors and Reporting Davi