Enel Spa · MIL:ENEL
Enel Spa — Q1 2025 Earnings Presentation
41 slides from Enel Spa's earnings presentation, May 8, 2025
Slide 1: First Quarter 2025 Consolidated results
First Quarter 2025 Consolidated results May 8th, 2025
Slide 2: First Quarter 2025 Consolidated results - CEO
First Quarter 2025 Consolidated results Flavio Cattaneo CEO
Slide 3: Execution of Strategic Pillars delivers visible results
Execution of Strategic Pillars delivers visible results turnaround, improving financial solidity and shareholders’ remuneration Completed 7 quarters of solid organic growth …resulted into a visible and improved leveraging our new Strategic Pillars… shareholders’ remuneration Strategic Pillars Profit
Slide 4: Delivering on CMD's strategic pillars
Delivering on CMD’s strategic pillars Capital allocation Group’s operations Sustainability 1 2 3 Profitability, Efficiency and Financial and flexibility and resiliency effectiveness environmental sustainability EBITDA (€bn) Addressable cash-cost base ND/EBITDA (From FY 2022 to Q1 2025) +2% (ltm) 2.7
Slide 5: First Quarter 2025 Consolidated results - CFO
First Quarter 2025 Consolidated results Stefano De Angelis CFO
Slide 6: Business protected against current volatility
Business protected against current volatility Strategic Plan Investments Intrinsic protection against current tariffs’ turmoil By business line Limited impact from macro volatility across all Around 2/3 of the Investment Plan allocated to ~43 €bn businesses mostly dependent from domestic dynamics ne
Slide 7: Enel Group Ordinary EBITDA: Q1 2025 overview by country
Enel Group Ordinary EBITDA: Q1 2025 overview by country EBITDA (€bn) EBITDA (€bn) Growth driven by the EBITDA (€bn) +0.1 integrated business (0.2) +2% (+20%) thanks to +0.1 supportive resources 1.4 and optimized integrated 1.3 3.2 3.0 energy management ~2.7 ~2.7 Q1 2024 Q1 2025 5.9 6.0 Q1 2024 Q2-Q4
Slide 8: Solid operating delivery across the board
Solid operating delivery across the board… Emission free production (TWh) Liberalized market clients (mn) RAB (€bn) +0.7 TWh (0.2) +1 €bn 41.6 42.3 18.3 18.1 25.0 6.9 6.6 24.0 45 46 11.6 11.8 11.4 +0.1 11.5 6.0 5.5 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Pro Forma B2C & SME sales (TWh) Pro F
Slide 9: Supports visible and consistent financial delivery
…supports visible and consistent financial delivery EBITDA1 (€bn) Net Income1 (€bn) Net Debt (€bn) +2% +2% -4.2 €bn 5.9 6.0 3.8 3.8 60.2 56.0 2.0 2.0 2.1 2.2 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Pro Forma Pro Forma Net Ordinary Net Debt/ 6.1 6.0 2.2 ordinary 2.0 2.7 2.5 EBITDA EBITDA (ltm
Slide 10: EBITDA up yoy driven by consistent domestic capex deployment
EBITDA up yoy driven by consistent domestic capex deployment, improvement in Latam operations offset by FX weakness EBITDA evolution1 (€bn) Capex (€bn) Main KPIs Grids RAB (€bn): 45 €bn FY 24 Q1 25 +4% Italy 21.0 21.3 +0.3 Iberia 11.5 11.4 (0.1) 2.5 -13% 2.1 2.2 Latam 12.6 13.0 +0.4 0.3 Electricity
Slide 11: Integrated strategy provides resilient long-term matching
Integrated strategy provides a resilient long-term matching enabling a secured, fair and affordable pricing to the final Retail customers Integrated EBITDA evolution1 (€bn) business ∆ yoy Renewables additional capacity supports positive margin evolution and more than offset a slightly lower resource
Slide 12: Group's hedging strategy in Italy
Group’s hedging strategy in Italy 2025 fixed sales coverage1 (TWh) Generation hedging1 100% Renewable Retail Sales Matchable with Generation covered Fixed Price Retail Customer Base by Retail Fixed Sales 100% contracted with price optionality3 Contracted ~20 TWh B2C/SME Priced 25 sales ~21 ~21 Contr
Slide 13: Net Ordinary Income evolution
Net Ordinary Income evolution Profit & loss (€bn) Key Drivers Q1 2024 Q1 2025 ∆ yoy Q1 2024 Pro Forma Financial expenses Reported EBITDA 6.0 5.7 +5% 5.9 ✓ Lower financial expenses on debt thanks to around 5 €bn debt reduction Ordinary EBITDA 6.0 5.9 +2% 6.1 versus March 2024 ✓ Income on equity Q1 20
Slide 14: Cash generation: FFO adjusted at 4.5 €bn
Cash generation: FFO adjusted at 4.5 €bn FFO (€bn) Net Debt (€bn) 2.1 €bn Gross Capex ~0.5 €bn ΔWC Capex 9.0 8.0 (1.4) €bn ΔWC 0.9 €bn Hydro in Spain 7.0 0.3 €bn Claw Back 0.1 €bn Equity Injection ~0.5 €bn ΔWC Capex 6.0 6.0 (0.3) 55.8 (4.5) (1.4) 2.5 56.0 5.0 3.5 (0.7) (0.5) 4.5 FFO-Capex 1 €bn 4.0
Slide 15: Closing remarks
First Quarter 2025 Closing remarks
Slide 16: Closing remarks
Closing remarks 1 2 3 4 Attractive Capital allocation Solid delivery in Q1 shareholders deployment supported by a remuneration in supported by both Full Year 2025 resilient business light of current greenfield and targets confirmed model set to persist dividend policy and brownfield in next quarters
Slide 17: Q1 2025 Annexes
Q1 2025 Consolidated results Annexes
Slide 18: Macroscenario
Q1 2025 consolidated results Macroscenario GDP (%) CPI (%) FX against €1 Spot Price (€/MWh)1 Electricity Demand Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Italy 0.44 0.25 1.83 0.97 - - 137.57 91.72 77.42 77.88 Iberia 3.11 2.63 2.67 3.23 - - 90.91 45.74 77.57 77.0
Slide 19: Group consolidated net capacity
Q1 2025 consolidated results Group consolidated net capacity: breakdown by technology and geography Solar & MW Hydro Wind Geothermal Nuke Oil & Gas Coal CCGT TOTAL Other Italy 12,995 874 776 436 - 1,633 4,160 4,709 25,584 Iberia 5,369 2,893 - 2,492 3,328 2,304 241 5,445 22,072 Rest of World 9,957 11
Slide 20: Group consolidated net production
Q1 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 3,731 388 1,303 92 - 30 255 1,727 7,527 Iberia 2,328 1,736 - 612 7,134 1,050 89 2,990 15,939 Rest of World 8,492 9,288 29
Slide 21: Group total additional capacity
Q1 2025 consolidated results Group total additional capacity1: breakdown by technology and geography Solar & MW Hydro Wind Geothermal Nuke Oil & Gas Coal CCGT TOTAL Other Italy 1 - - 0 - - - - 1 Iberia 623 - - - - - - - 623 Rest of World - - - 20 - - - - 20 Latin America and Central America - - - 20
Slide 22: Renewable projects in execution
Q1 2025 consolidated results Renewable projects in execution: breakdown by technology and geography1 Solar & MW Wind Hydro Geothermal BESS Total Other Italy - 2 - 12 601 614 Iberia 24 8 - 438 5 475 Rest of World 336 2 - 678 20 1,037 Latin America - 2 - 580 - 582 North America - - - - - - Other count
Slide 23: Pipeline
Q1 2025 consolidated results Pipeline Renewables Pipeline (GW) 2025-27 Additional capacity target2 2.1 ~240 59 0.7 105 12 GW 75 9.1 2.1 1 Gross Pipeline BESS Early stage Mature In execution Built capacity Capacity in execution Residual target 1. It includes BESS for around 37 GW in early stage and
Slide 24: Mature pipeline
Q1 2025 consolidated results Mature pipeline1 By technology By geography2 By COD 5% 11% 3% 16% 15% 35% 75 GW 27% 75 GW 19% 75 GW 60% 82% 27% 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 Ameri
Slide 25: Enel Grids KPIs
Q1 2025 consolidated results Enel Grids KPIs1 Electricity distributed Grid customers (mn) Smart meters (mn) Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Italy 51.8 53.7 31.1 31.9 31.0 31.7 Iberia 34.4 33.4 12.7 12.6 12.5 12.4 Rest of World 31.0 33.1 24.9 26.0 1.9 1.2 Latin America 31.0 30.9 24.9
Slide 26: Enel X Global Retail: Retail KPIs
Q1 2025 consolidated results Enel X Global Retail: Retail KPIs1 Power Gas Customers (mn) Volumes (TWh) Customers (mn) Volumes (bsmc) Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Italy 14.2 17.8 14.7 19.8 4.0 4.2 1.4 1.7 Iberia 10.0 10.5 18.9 19.0 1.8 1.8 1.1 1.2 Rest of World 24.8
Slide 27: Enel X Global Retail: Enel X
Q1 2025 consolidated results Enel X Global Retail: Enel X1 Enel X Public Charging points (k) Street lighting (mn) Storage (MW) Demand Response (GW) Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Italy 22.9 19.7 1.6 1.6 - - 0.8 0.6 Iberia 6.2 5.6 0.2 0.1 - - 0.1 0.1 Rest of World 1.0
Slide 28: Capex
Q1 2025 consolidated results Capex1 (€mn) Global Generation 2 Services Enel Grids Renewable Energies Enel X Global Retail Total & Trading & Other Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Italy 25 53 925 810 170 292 106 142 10 3 1,234 1,300 Iberi
Slide 29: Asset development Capex
Q1 2025 consolidated results Asset development Capex1 (€mn) Global Generation 2 Services Enel Grids Renewable Energies Enel X Global Retail Total & Trading & Other Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Italy 21 44 445 376 131 269 17 40 1 0 61
Slide 30: Revenues
Q1 2025 consolidated results Revenues1 (€mn) Global Generation 2 Services Enel Grids Renewable Energies Enel X Global Retail Total & Trading & Other Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Italy 5,918 3,473 2,162 1,993 994 1,053 5,501 6,916 (3,
Slide 31: Reported EBITDA
Q1 2025 consolidated results Reported EBITDA1 (€mn) Global Generation 2 Services Enel Grids Renewable Energies Enel X Global Retail Total & Trading & Other Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Italy 589 652 1,094 983 532 523 764 1,025 14 21
Slide 32: Ordinary EBITDA
Q1 2025 consolidated results Ordinary EBITDA1 (€mn) Global Generation 2 Services Enel Grids Renewable Energies Enel X Global Retail Total & Trading & Other Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Italy 589 652 1,094 983 532 523 764 1,025 14 21
Slide 33: Reported EBIT
Q1 2025 consolidated results Reported EBIT1 (€mn) Global Generation Services Enel Grids Renewable Energies Enel X Global Retail 2 Total & Trading & Other Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Italy 541 609 742 631 427 442 561 766 (1) 4 2,270
Slide 34: From EBITDA to net income
Q1 2025 consolidated results From EBITDA to net income1 (€mn) Q1 2025 Q1 2024 Q1 2025 Q1 2024 ∆ yoy ∆ yoy reported reported ordinary ordinary EBITDA 5,974 5,892 0% 5,974 6,094 -2.0% D&A (1,929) (1,891) (1,931) (1,891) EBIT 4,045 4,001 0% 4,043 4,203 -3.8% Net financial charges (683) (734) (683) (734
Slide 35: Long-term debt structure
Q1 2025 consolidated results Long-term debt1 structure By currency Long term By currency Interest rate composition After swap credit ratings 53% Rating Outlook 84% 17% S&P BBB Stable 68.0 €bn 68.0 €bn 68.0 €bn Moody’s Baa1 Stable 6% 3% 3% 4% 83% 2% 9% Fitch BBB+ Stable 1% 35% EUR USD BRL Floating Fi
Slide 36: Debt structure by instrument
Q1 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 2.29 41.49 - - 0.01 3.98 3.31 0.67 - 47.77 Bank Loans 1.32 - 0.16 4.21 6.1 4.67 3.5
Slide 37: Debt maturity coverage split by typology
Q1 2025 consolidated results Debt maturity coverage split by typology (€bn) Available liquidity 30.6 Bank Loans and Others Bonds 8.0 8.4 26.7 €bn 18.3 8.8 22.6 6.0 8.3 7.5 6.3 3.3 2.6 1.7 2.9 1.2 4.3 5.5 5.7 4.6 5.1 Available committed credit lines1 2025 2026 2027 2028 2029 After 2028 Cash 1. Of whi
Slide 38: Balance sheet
Q1 2025 consolidated results Balance sheet (€mn) Q1 2025 Q1 2024 Δ Net financial debt 56,011 55,767 0.4% Shareholders' equity 52,744 49,171 7.3% Net capital employed 108,755 104,938 3.6% 37
Slide 39: Headcount
Q1 2025 consolidated results Headcount 1 Q1 2025 FY 2024 ∆ yoy Generation and Trading 4,970 5,105 -2.6% Enel Green Power 8,102 8,269 -2.0% Distribution 33,456 32,214 3.9% 1 Enel X Global Retail 6,783 7,944 -14.6% Others and adjustments 7,273 6,827 6.5% Total 60,584 60,359 0.4% 1. Enel X Global Retai
Slide 40: Disclaimer
Q1 2025 consolidated results 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 ar
Slide 41: Contact us
Contact us Contacts Email investor.relations@enel.com Phone +39 06 8305 7975 Omar Al Bayaty Investor Relations App Head of Group Investor Relations iOS Android Investor Relations team Federico Baroncelli Serena Carioti Gaia Cherubini Federica Dori Paolo Germiniani Danielle Ribeiro da Encarnação Chan