Slide 1: First quarter consolidated results
First quarter Consolidated results May 3rd, 2023
Slide 2: First Quarter 2023 Consolidated results - CEO
First Quarter 2023 Consolidated results Francesco Starace CEO & General Manager
Slide 3: Key highlights
Key highlights Business performance FFO improvement Strategic repositioning 5.5 €bn 3.7 €bn c.11 €bn +22% vs PY +4.3 €bn vs Q1 2022 More than 50% of the 21 €bn disposal program Ordinary EBITDA Working capital bodes well for normalization drives Already closed or FY2023 target FFO improvement announc
Slide 4: Strong and visible operating delivery across all businesses
Strong and visible operating delivery across all businesses Q1 2022 Q1 2023 RES Capacity1 54.8 GW 59.3 GW +4.5 GW RES Capacity on total1 60% 67% +7 p.p. Fixed power sales CO2 on total2 ~75% ~75% FLAT Fixed sales covered by own production1,2 ~90% ~90% FLAT Storage BTM 59 MW 76 MW +17 MW Public chargi
Slide 5: First Quarter 2023 Consolidated results - CFO
First Quarter 2023 Consolidated results Alberto De Paoli CFO
Slide 6: Capex tailored to enhance value creation in core countries
Capex tailored to enhance value creation in core countries Share of gross capex in Gross capex by business Gross capex by geography core countries 5% 4% 29% 41% 23% Q1 2023 Q1 2023 Q1 2023 3.0 €bn 51% 3.0 €bn 3.0 €bn 54% 7% 64% 14% 8% Integrated Core countries business Italy Spain North Ordinary cap
Slide 7: Ordinary EBITDA up double digit
Ordinary EBITDA up double digit Ordinary EBITDA evolution1 (€bn) +22% Integrated 0.9 (0.6) 5.5 business 4.5 0.4 (0.2) 0.5 model drives Stewardship 0.2 ~750 €mn integrated 2.2 1.7 business growth within a normalizing 2.6 3.3 environment Q1 2022 Grids Generation Retail & Portfolio Steward. Q1 2023 Ene
Slide 8: Sound growth in the integrated business
Sound growth in the integrated business Integrated business: Ordinary EBITDA evolution (€bn) 4.5 +27% Normalization of 4.0 0.1 extreme 3.5 0.7 0.1 3.0 - 3.3 conditions in Europe allows full 2.5 2.0 2.6 (0.2) 1.5 1.0 deployment of 0.5 integrated 0.0 Q1 2022 Italy Iberia Latam North RoE Q1 2023 busine
Slide 9: Integrated business: focus on Italy
Integrated business: focus on Italy Ordinary EBITDA evolution (€bn) -17% Higher sales and fully hedged sourcing costs drive-up power 2.0 00 0.1 free performance 1.8 00 1.6 00 - 1.4 00 0.6 1.2 00 1.0 00 Power regulated flat yoy on 0.8 00 (0.9) stable contribution from 0.6 00 0.4 00 1.2 1.0 regulated
Slide 10: Power Free: unitary margin back to normalization
Power Free: unitary margin back to normalization driven by integrated commercial management Unitary cost of sourcing Fixed sales and coverage (TWh) Unitary margin1 (€/MWh) (€/MWh) 12.5 11.8 ~3.5x ~1.6x 12.00 11% -1 TWh 3% Market purchases 180.00 40.00 10.00 160.00 35.00 ~170 ~38 140.00 8.00 30.00 59
Slide 11: Grids up by 29% yoy
Grids up by 29% yoy Grids: Ordinary EBITDA evolution (€bn) +29% Stable 2.5 0.3 0.1 operating 2.0 0.1 - 2.2 performance 1.5 1.7 1.0 and regulatory 0.5 recovery in Rest of Europe 0.0 Q1 2022 Italy Iberia RoE Latam Q1 2023 drives results Q1 2022 0.8 0.4 (0.1) 0.6 Q1 2023 0.9 0.4 0.2 0.7 10
Slide 12: Continued improvement in Grids quality and digitalization
Continued improvement in Grids quality and digitalization Electricity distributed1 (TWh) SAIDI (min.) Smart meter -4% -14% Smart meter 260 .00 2.0 140 .00 127 122 240 .00 120 .00 242 Latam 35 32 220 .00 Q1 2023 23.4 100 .00 200 .00 22.6 46 mn 80. 00 207 180 .00 60. 00 160 .00 Europe 92 90 40. 00 140
Slide 13: Net Ordinary Income up by 2% versus previous year
Net Ordinary Income up by 2% versus previous year, driven by a strong EBITDA performance Profit & loss (€bn) Financial Expenses Q1 20221 Q1 2023 ∆ yoy Temporary increase in financial expenses Ordinary EBITDA 4.49 5.46 +22% driven by gross debt dynamics and accounting of currencies D&A (1.77) (1.86)
Slide 14: FFO up by 4.3 €bn vs previous year
FFO up by 4.3 €bn vs previous year driven by the normalization of working capital dynamics Cash flow (€bn) ∆NWC impacts evolution (€bn) Q1 FY Q1 2022 2022 2023 6.0 Govt & regulatory (0.5) (2.4) 2.2 5.0 5.5 +4.3 €bn measures ( 0.3 ) ( 0.8 ) vs PY Energy market (1.4) (2.2) 0.4 4.0 ( 0.3 ) 3.0 ( 0.5 )
Slide 15: 3.2 €bn impact from government measures still to be recovered
3.2 €bn impact from government measures still to be recovered Government measures impact1 (€bn) FY 2022 Q1 2023 Italy 4.3 2.0 -2.2 €bn System charges elimination Tariffs equalization recognition Coal/gas mandatory stock Spain 0.8 0.5 Price cap on gas ~5.4 Gas mandatory stock System charges reduction
Slide 16: Group repositioning delivering results early in 2023
Group repositioning delivering results early in 2023, as planned Latin America restructuring European repositioning Argentina generation Perú activities Exit from Romania Sale thermal generation Agreement to sell Agreement to sell all the activities: distribution, supply and Romanian operations o En
Slide 17: More than 50% of the repositioning program addressed
More than 50% of the repositioning program addressed at attractive multiples 21 €bn Disposal Program ✔ 2022 5.9 Latin America restructuring 6.8 €bn ✔ Deals closed 2023 5.0 2.8 4.4 12.2 or announced YTD c.11 €bn European repositioning 2.2 €bn 2024 0 2.8 2 4 6 8 10 12 14 Footprint/asset base optimizat
Slide 18: Pro Forma Net Debt down by around 5 €bn vs Full Year 2022
Pro Forma Net Debt down by around 5 €bn vs Full Year 2022 Net debt evolution1 (€bn) Q1 2022 Q1 2023 FFO/ND 15% 23% (LTM) -2% ND/EBITDA (LTM) 3.0x 2.9x 60.1 Hybrids 1.0 58.9 2.1 (0.5) (3.7) 3.0 (4.0) (1.2) ~55 FFO – Capex 59.1 +700 €mn 1.3 €bn Romania 2.7 €bn Perú Dx4 FFO – Capex ‘Core countries’ +1.
Slide 19: More than 12 €bn reabsorption of exogenous factors vs peak
More than 12 €bn reabsorption of exogenous factors vs peak Gross Debt impact from margin calls, governments Liquidity position measures and energy context (€bn) Liquidity position Cash 9M 2022 9.0 8.0 3.7 20.7 24.7 10.5 Q1 2023 30.11 €bn FY 2022 6.8 5.4 2.2 14.4 30.61 19.6 Q1 2023 3.0 3.4 1.8 8.2 30
Slide 20: 2023 guidance confirmed
2023 guidance confirmed Ordinary EBITDA (€bn) 20.4 – 21.0 Our sustainable Net Ordinary and integrated 6.1 – 6.3 Income (€bn) business model continues to Net Debt (€bn) 51 – 52 deliver strong results FFO/ND 28%
Slide 21: Francesco Starace, CEO & General Manager
Francesco Starace CEO & General Manager
Slide 22: Q1 2023 Annexes
Q1 2023 Consolidated results Annexes
Slide 23: Macroscenario
Q1 2023 consolidated results Macroscenario GDP (%) CPI (%) FX against €1 Spot Price (€/MWh) Electricity Demand (TWh) Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Italy 1.48 6.50 8.93 5.67 157.20 249.27 77.70 80.31 Iberia 3.13 6.86 5.06 7.86 99.94 230.33 63.10 64.30
Slide 24: Group consolidated net capacity by technology and geography
Q1 2023 consolidated results Group consolidated net capacity: breakdown by technology and geography Solar & MW Hydro Wind Geothermal Nuke Oil & Gas Coal CCGT TOTAL Other Italy 12,996 861 776 52 - 2,253 4,720 4,606 26,264 Iberia 4,746 2,882 - 1,665 3,328 2,333 1,644 5,445 22,044 Latin America 10,542
Slide 25: Group consolidated net production by technology and geography
Q1 2023 consolidated results Group consolidated net production: breakdown by technology and geography Solar & GWh Hydro Wind Geothermal Nuke Oil & Gas Coal CCGT TOTAL Other Italy 2,654 407 1,302 18 - 11 4,967 2,618 11,978 Iberia 1,506 1,944 - 491 6,835 1,079 211 3,615 15,680 Latin America 9,321 2,71
Slide 26: Group total additional capacity
Q1 2023 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 - - 1 - - - 10 12 Iberia - - - - - - - - - Latin America - 95 - 65 - - - 54 214 Argentina - - - - - - - 54 54 Brazil - 23
Slide 27: Renewable projects in execution
Q1 2023 consolidated results Renewable projects in execution: breakdown by technology and geography1 Solar & MW Wind Hydro Geothermal BESS Total Other Italy 29 8 - 382 1,734 2,152 Iberia 9 17 - 1,488 25 1,539 Latin America 1,339 159 - 1,837 203 3,538 Rest of Europe 1 - - 84 - 85 North America - - -
Slide 28: Renewables pipeline
Q1 2023 consolidated results Pipeline Renewables Pipeline (GW) 2023-25 Additional capacity target2 Capacity Built capacity in execution 0.3 436 67 10.9 223 21 GW Residual target 9.8 135 10.9 2023 target in execution 100% Gross Pipeline BESS 1 Early stage Mature In execution 2024 target in execution
Slide 29: Mature pipeline
Q1 2023 consolidated results Mature pipeline1 By technology By geography By COD 3% 12% 10% 5% 32% 9% 11% 30% 135 GW 135 GW 135 GW 23% 75% 65% 35% 2024 Wind Italy North America 2025 Solar Iberia Rest of Europe >2025 Hydro & Others Latin America Africa, Asia & Oceania 1. It excludes BESS mature pipeli
Slide 30: Enel Grids KPIs
Q1 2023 consolidated results Enel Grids KPIs1 Electricity distributed 2 Grid customers (mn) Smart meters2(mn) Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Italy 53.2 55.8 31.8 31.6 31.6 31.5 Iberia 33.3 32.5 12.5 12.4 12.3 12.2 Latin America 31.9 34.7 25.5 28.4 0.7 0.7 Argentina 4.9 4.2 2.6 2.6 0
Slide 31: Retail KPIs
Q1 2023 consolidated results Retail KPIs1 Power Gas 2 2 Customers (mn) Volumes (TWh) Customers (mn) Volumes (bsmc) Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Italy 21.2 21.8 23.4 24.4 4.6 4.3 2.1 2.1 Iberia 10.5 10.4 19.5 19.6 1.8 1.7 1.4 1.7 Latin America 25.5 28.4 32.9 33.5 0.
Slide 32: Enel X and Enel X Way KPIs
Q1 2023 consolidated results Enel X and Enel X Way KPIs Enel X Way Enel X Public Charging points (k) Street lighting (mn) Electric buses (#) Storage (MW) Demand Response (GW) Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Italy 18.7 15.6 1.6 1.5 154 17 - - 0.9 0.6 Ib
Slide 33: Capex (€mn)
Q1 2023 consolidated results Capex1 (€mn) Conventional Generation & Services Enel Grids EGP Retail Enel X Total Global Trading & Other 2 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Italy 72 45 661 464 775 162 92 117 26 16 11 7 1,637
Slide 34: Asset development Capex (€mn)
Q1 2023 consolidated results Asset development Capex1 (€mn) Conventional Generation & Services Enel Grids EGP Retail Enel X Total Global Trading & Other 2 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Italy 62 35 285 227 752 140 - - 1
Slide 35: Revenues (€mn)
Q1 2023 consolidated results Revenues1 (€mn) Conventional Generation & Services Enel Grids EGP Retail Enel X 2 Total Global Trading & Other Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Italy 7,861 13,935 1,835 1,686 790 432 8,110 8,6
Slide 36: Reported EBITDA (€mn)
Q1 2023 consolidated results Reported EBITDA1 (€mn) Global Generation Services Enel Grids Renewable Energies Retail Enel X Total & Trading & Other 2 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Italy 158 1,019 912 837 (19) (183) 821
Slide 37: Ordinary EBITDA (€mn)
Q1 2023 consolidated results Ordinary EBITDA1 (€mn) Global Generation Services Enel Grids Renewable Energies Retail Enel X Total & Trading & Other2 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Italy 158 1,019 912 841 (19) (182) 821 3
Slide 38: Reported EBIT (€mn)
Q1 2023 consolidated results Reported EBIT1 (€mn) Global Generation Services Enel Grids Renewable Energies Retail Enel X Total & Trading & Other 2 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Italy 123 991 572 526 (97) (254) 578 86 8
Slide 39: From EBITDA to net income (€mn)
Q1 2023 consolidated results From EBITDA to net income1 (€mn) Q1 2023 Q1 2022 Q1 2023 Q1 2022 ∆ yoy ∆ yoy reported reported 2 ordinary ordinary EBITDA 4,765 4,549 4.7% 5,463 4,486 21.8% D&A 1,814 1,718 1,861 1,765 EBIT 2,951 2,831 4.2% 3,602 2,721 32.4% Net financial charges (865) (413) (877) (429)
Slide 40: D&A reported (€mn)
Q1 2023 consolidated results D&A reported1 (€mn) 1 Q1 2023 Q1 2022 ∆ yoy Generation and Trading 197 211 -6.6% Enel Green Power 372 341 9.1% Grids 736 691 6.5% Retail 396 367 7.9% Enel X 45 40 12.5% Others and adjustments 68 68 0.0% Total 1,814 1,718 5.6% 1. Q1 2022 restated figure 39
Slide 41: Long-term debt structure
Q1 2023 consolidated results Long-term debt1 structure By currency Interest rate Long term By currency After swap composition credit ratings 51% Rating Outlook 82% 18% S&P BBB+ Negative 71.7 €bn 1% 71.7 €bn 71.7 €bn 7% 2% Moody’s Baa1 Negative 1% 4% 2% 82% 1% 3 10% Fitch BBB+ Stable 36% EUR USD BRL
Slide 42: Debt structure by instrument (€bn)
Q1 2023 consolidated results Debt structure by instrument (€bn) EGP SpA Latin North Africa, Asia Debt by instrument Enel Spa EFI and Central Italy Iberia Europe Total America America and Oceania Others Bonds 3.97 42.18 - - 0.01 4.40 1.58 - - 52.14 Bank Loans 1.52 - 0.21 3.79 5.98 2.82 1.17 - 0.10 15
Slide 43: Debt maturity coverage split by typology (€bn)
Q1 2023 consolidated results Debt maturity coverage split by typology (€bn) Available liquidity1 34.3 Bank Loans and Others 7.2 Bonds 10.5 30.1 €bn 19.6 27.1 10.7 8.5 8.3 4.2 6.9 2.1 1.7 3.0 1.8 0.8 6.5 5.2 5.5 6.5 Available committed 1.3 credit lines2 2023 2024 2025 2026 2027 After 2027 Cash 1. Liq
Slide 44: Balance sheet (€mn)
Q1 2023 consolidated results Balance sheet (€mn) Q1 2023 FY 2022 Δ Net financial debt 58,901 60,068 -1.9% Shareholders' equity 46,233 42,082 9.9% Net capital employed 105,134 102,150 2.9% 43
Slide 45: Headcount
Q1 2023 consolidated results Headcount 1 Q1 2023 FY 2022 ∆ yoy Generation and Trading 6,106 6,447 -5.3% Enel Green Power 9,399 9,397 0.0% Distribution 30,335 30,262 0.2% Retail 5,609 5,418 3.5% Enel X 2,951 2,875 2.6% Others and adjustments 10,778 10,725 0.5% Total 65,178 65,124 0.1% 44
Slide 46: Disclaimer
Q1 2023 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 47: Contact us
Q1 2023 consolidated results Contact us Contacts Email investor.relations@enel.com Phone +39 06 8305 7975 Investor Relations App Monica Girardi iOS Android Head of Group Investor Relations Investor Relations team Federico Baroncelli Gaia Cherubini Serena Carioti Federica Dori Fabrizio Ragnacci Chann