Slide 1: Full Year 2024 Consolidated results
Full Year 2024 Consolidated results March 13th, 2025
Slide 2: Full Year 2024 Consolidated results - CEO
Full Year 2024 Consolidated results Flavio Cattaneo CEO
Slide 3: 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 4: 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. 3 2. It excludes extraordinary items i
Slide 5: Proactive advocacy activity to support business evolution
Proactive advocacy activity to support business evolution Extension of distribution concession included in the 2025 Budget Law 1 ▪ 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 magnit
Slide 6: Gross capex mix defined according to strategic priorities and capital allocation guidelines
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 7: Capital allocation: leveraging on different models to enhance value creation
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 8: 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 9: A solid financial position and confirmed 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 10: 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 0.4 2023 2024 1 sustainable Jan. 22 interim growth dividend paid
Slide 11: Full Year 2024 Economic and financial results - CFO
Full Year 2024 Economic and financial results Stefano De Angelis CFO
Slide 12: Strong operating delivery and solid cash generation
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 13: Solid and visible 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 14: Integrated business EBITDA up on normalized renewables and retail 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 15: Group's hedging strategy in Italy
Group’s hedging strategy in Italy 2025 fixed sales coverage1 (TWh) Generation hedging1 Retail Sales Renewable Fixed Price Generation ~20 TWh B2C/SMB Contracted 26 Contracted sales ~23 ~100% ~21 Pre-Hedge 21 ~0.5 ~2.5 T&L ~10% ~85% ~2.5 SME Contracted 16 B2C/SME Contracted ~4 Priced ~35% SME 11 B2C ~
Slide 16: 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 4 2x D&A and Provisions (8.0) (7.9) 3 vs 2023 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 17: Strong cash generation with FFO reaching almost 14 €bn in 2024
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 ) 14.6 13.0 (13.7 3.2 ) 13.7 13.7 14.2 8.0 3.0 -2.0 Ordinary
Slide 18: Net debt at 55.8 €bn, reducing more than 4 €bn vs previous year
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 19: 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 20: Full Year 2024 Closing remarks
Full Year 2024 Closing remarks
Slide 21: 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 22: Consolidated results Annexes
FY 2024 Consolidated results Annexes
Slide 23: Update on M&A plan
Update on M&A plan Net Debt impact Amount (€bn) Year Sale 150 MW of solar and geothermal capacity 0.3 2024 Partnership with Sosteneo: BESS and open-cycle 1.1 2024 Deals Sales of Peru assets2 5.0 2024 closed Sale of 90% of DX activities of some municipalities in Lombardy 1.2 2024 Partnership with Mas
Slide 24: 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 25: Group consolidated net capacity by technology and geography
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 26: Group consolidated net production by technology and geography
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 27: Group total additional capacity by technology and geography
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 28: Renewable projects in execution
FY 2024 consolidated results Renewable projects in execution: breakdown by technology and geography1 Solar & MW Wind Hydro Geothermal BESS Total Other Italy - 2 - 12 589 603 Iberia 24 8 - 408 42 482 Rest of World 336 1 - 580 - 918 Latin America - 1 - 580 - 581 North America - - - - - - Other countri
Slide 29: Renewables Pipeline
FY 2024 consolidated results Pipeline Renewables Pipeline1 (GW) 2025-27 Additional capacity target3 2.0 ~250 59 110 12 GW 77 2.0 10.0 2 Gross Pipeline BESS Early stage Mature In execution Capacity in execution 1. Renewables pipeline update as of February 2025 Residual target 2. It includes BESS for
Slide 30: Mature pipeline
FY 2024 consolidated results Mature pipeline1 By technology By geography2 By COD 5% 11% 3% 16% 18% 34% 77 GW 25% 77 GW 77 GW 20% 61% 79% 26% Wind 2026 Italy USA & Canada 2027 Solar Iberia Other countries >2027 Hydro & Other Latam and Central America 1. Renewables pipeline update as of February 2025.
Slide 31: 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 32: 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 33: 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 34: Capex
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 35: Asset development Capex
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 36: Revenues
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 37: Reported EBITDA
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 38: Ordinary EBITDA
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 39: Reported EBIT
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 40: 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 41: 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 42: 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 43: Debt maturity coverage split by typology
FY 2024 consolidated results Debt maturity coverage split by typology (€bn) Available liquidity 29.8 Bank Loans and Others Bonds 8.1 8.2 28.0 €bn 19.8 8.9 21.7 7.4 8.2 6.8 6.4 2.1 3.3 2.4 2.8 1.2 5.3 5.6 5.8 4.0 5.2 Available committed credit lines1 2025 2026 2027 2028 2029 After 2028 Cash 1. Of whi
Slide 44: Balance sheet
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% 43
Slide 45: 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 46: Disclaimer
FY 2024 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
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