Enel Spa · MIL:ENEL
Enel Spa — H1 2025 Earnings Presentation
45 slides from Enel Spa's earnings presentation, Jul 31, 2025
Slide 1: First Half 2025 Consolidated results
First Half 2025 Consolidated results July 31st, 2025
Slide 2: First Half 2025 Consolidated results - CEO
First Half 2025 Consolidated results Flavio Cattaneo CEO
Slide 3: 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 4: 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 5: 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 6: 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 7: Delivering on CMD's strategic pillars: Group's 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 8: First Half 2025 Consolidated results - CFO
First Half 2025 Consolidated results Stefano De Angelis CFO
Slide 9: 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 10: Secured and organic delivery proved by positive net cash flow outcomes
…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 11: Proving our secured growth more than offsetting FX and regulated cost of sourcing spike
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 12: 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 13: EBITDA up by 9% net of perimeter effect, Latam performance offset by FX impact
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 14: Integrated strategy evolution in line with expected trend for 2025
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 15: 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 16: 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 17: 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 18: 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 19: Full Year guidance supported by improved business performance offsetting headwinds
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 20: Closing remarks
First Half 2025 Closing remarks
Slide 21: 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 20
Slide 22: H1 2025 Annexes
H1 2025 Consolidated results Annexes
Slide 23: 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 24: Group consolidated net capacity: breakdown by technology and geography
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 25: Group consolidated net production: breakdown by technology and geography
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 26: 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 27: 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 28: 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 29: 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 30: 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 31: 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 32: Capex
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 33: Asset development Capex
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 34: Revenues
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 35: Reported EBITDA
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 36: Ordinary EBITDA
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 37: Reported EBIT
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 38: 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 39: 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 40: 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 41: 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 2028 Cash 1. Of whi
Slide 42: Balance sheet
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% 41
Slide 43: 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 44: Disclaimer
H1 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 45: 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 Serena Carioti – Equity and Credit Analysts Noemi Tomassi Paolo Germiniani - Equity Investors and Reporting Danielle Ribeiro da Encarnação R