Enel Spa · MIL:ENEL
Enel Spa — Investor Day (February 2026)
41 slides from Enel Spa's investor day presentation, Feb 23, 2026
Slide 1: Capital Markets Day 2026
Capital Markets Day 2026 February 23'¢ Milan r Enel nal mondo.
Slide 2: 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 3: Agenda
Agenda Flavio Cattaneo, CEO The Group in the energy context The Group in the next three years Stefano De Angelis, CFO 2026-28 Strategic Plan Flavio Cattaneo, CEO Value creation and Closing remarks 2
Slide 4: Flavio Cattaneo, Group's CEO
Flavio Cattaneo Group’s CEO ene
Slide 5: Delivering top results in the industry, while reducing net debt
Delivering top results in the industry, while reducing net debt and increasing financial flexibility Delivering on strategic path 2022 2025 2022 2025E EPS Growth 0.69 3.1x ND/EBITDA 2.5x 0.53 +9% Assets’ Portfolio turnaround Group’s EBITDA (€bn) Net income/EBITDA boosting profitability CAGR conversi
Slide 6: Creating value for our shareholders
… creating value for our shareholders Share Price Evolution1 (€/sh) Shareholders’ remuneration Total shareholder return1 Market Cap FROM TO Enel Shares Buy Back 61 €bn 91 €bn +80% ~1 +49% 2023-25 ~15 €bn 80% 66% ~14 Apr.12th Feb.19th Dividends TSR Share price EuroStoxx 2023 2026 Utilities Maximizing
Slide 7: The Group in the energy context
The Group in the energy context
Slide 8: Energy context: Acceleration of global power demand
Energy context: Acceleration of global power demand… 2024-35 Global electricity demand (‘000 TWh) AI & Data Center: +3x 1.4X driven by AI uptake and digitalization CAGR 3% 37.8 Electric mobility: +4X supported by the technological development 27.3 and affordability Residential & Automation: +30% on
Slide 9: Calls for a new strategic positioning
… calls for a new strategic positioning Tier 1 geographies Energy demand Power demand growth Investment approach driven by value-creation opportunities (i.e. power demand growth and timing) Electricity demand peaking Value creation Gap between supply needs opportunities and generation availability s
Slide 10: The Group in the next 3 years
The Group in the next 3 years ene
Slide 11: Strategic pillars
Strategic pillars 1 Growth • Brownfield: grids, generation & customers Based on balance sheet flexibility • Greenfield projects • Tier1 countries with stable environment 2 Productivity • Balance sheet strength and flexibility Optimizing capital allocation • Enhance productivity & efficiency • Stream
Slide 12: Financial flexibility allocation to boost growth and value creation
Financial flexibility allocation to boost growth and value creation Net Debt/EBITDA Flexibility allocation Peers Average1 3.5x Shareholder’s remuneration Brownfield & Greenfield 4.00 3.50 Maximum Geographies: Europe, flexibility ~30% US and other Tier 1 countries ~3.0x 3.00 Businesses: renewables, 2
Slide 13: Capital allocation set to lead the transition
Capital allocation set to lead the transition, securing profitability and industrial growth Total Investments (€bn) Renewables Grids +10 €bn ~531 €bn ~431 €bn Europe Latam Further 50% 24% +60% 26 vs old plan investments in 16 2026-28 2026-28 grids to increase ~20 €bn 26 €bn resilience and 26 lead th
Slide 14: Reducing risk and increasing visibility
Reducing risk and increasing visibility EBITDA Regulated/ Contracted Cumulated EBITDA FFO by Currency1 Grids FULLY regulated EUR & USD Other Regulated covered by regulatory generation schemes 19% 2026-28 2026-28 74 €bn Production covered by forward ~47-49 €bn Contracted sales and PPAs with an avg. g
Slide 15: Progressing on productivity and effectiveness, leveraging AI
Progressing on productivity and effectiveness, leveraging also on AI Evolution of addressable cash-cost baseline1 (€bn) AI applications (#) 8.0 1.5x 7.0 -25% 350 ~1 €bn 6.5 6.0 56% 6.0 Vs 2022 250 5.0 5.5 71% 4.0 AI 80% 44% ~7 5.0 29% +15p.p. Gen AI 20% 3.0 4.5 ~6 2.0 4.0 >5 2024 2025 2028 1.0 Proce
Slide 16: Data Centers to catch new business opportunities
Data Centers to catch new business opportunities Business model Key opportunities Retaining control of the value pools Data Centers power availability, customer relationship and optionality on capacity Provide value-added solutions to 8 Sites ready to use, some of which Data centers operators levera
Slide 17: Customers: an enriched offering portfolio
Customers: an enriched offering portfolio to boost customers’ value Enriched offering portfolio Bundled offers (#) Churn (%) +10% -10% TLC services Power & Gas 2025E 2028 2025E 2028 Avg. Lifetime (y) 4.5 5 Electric Mobility LENE a new fully digital company to innovate customer’s service and engageme
Slide 18: 2025-28 targets
2025-28 targets EPS (€/sh) CAGR 25-281 ~ +6% ~0.69 0.80-0.82 0.72-0.74 0.66 CAGR ~ +7%2 2025 baseline 2026 2028 Energy Decree Impact 2025 adjustment does not include IRAP step-up impact because the impact will expire in 2027 1. Calculated on 2025 expected data 2. Calculated on 2025 baseline 17
Slide 19: Stefano De Angelis, Group's CFO
Stefano De Angelis Group’s CFO
Slide 20: 2026-28 Strategic Plan
2026-28 Strategic Plan ene
Slide 21: 2025 results and headwinds proved resiliency of reshaped Assets' Portfolio
2025 results and headwinds proved the resiliency of our reshaped Assets’ Portfolio and the visibility granted by a secured Business Model 2025 scenario was affected by significant and unprecedent headwinds +9% Increasing Curtailment in LatAm Net Income Negative FX Impacts (USA, Brasil) CAGR (3Y) 2X
Slide 22: Assets' Portfolio turnaround delivered Growth and Cash Generation
Assets’ Portfolio turnaround delivered unique Growth and Cash Generation Improved Credit Metrics 2023-25 ROIC growth drivers CMD 2022 CMD 2026 Investments Net debt (€bn) Record high M&A multiples executing 2022 37 (€bn) 53 Disposal Plan < Cost of Debt -3 €bn > Sourcing 60 First mover on selective ca
Slide 23: 2025 results set an improved foundation for future growth
2025 results set an improved foundation to build future growth EPS evolution (€/sh) Additional Shareholder Remuneration 2025E CAGR +~6% 0.80-0.82 Up to 3.5 €bn 1.0 €bn Share buy-back already executed in 2025 1.0 €bn additional tranche Share Buy Back 0.69 execution approved Program Enel SpA1 by the B
Slide 24: Industrial Plan leverages diversified Portfolio with Growth Acceleration
The Industrial Plan leverage on our diversified Portfolio with Growth Acceleration focused on most attractive Tier-1 frameworks Integrated business Grids Investments Investments Investments EBITDA (€bn) EBITDA (€bn) Investments (€bn) (€bn) Intensity Intensity 2025 2028 vs 25 2025 Cum 3Y Baseline Gro
Slide 25: Grids
Grids RAB expansion enhance visibility on regulated earnings evolution Total Investments1 Focus Italy Latam 2026-28 Investments by nature Investments break-down (€bn) 24% Grants (EU Funds) Grants Recurring 2 Capex 10% 2026-28 net of ~13 ~2 grants 26 €bn 55% 38% 21% Connections 29% 15 €bn Rab-in Remu
Slide 26: Renewables
Renewables Tier-1 markets are already calling for higher capital allocation in Renewables Key operational1 Total investments Capital allocation New capacity (GW) 7.0 >75% wind and Other programmable Maintenance Greenfield focused on capex (i) Regulated schemes (ii) Long-Term 4.3 technologies 4% ~9 G
Slide 27: Brownfield acquisition step-up will support Growth Acceleration
Brownfield acquisition step-up will support Growth Acceleration and faster cash and economic conversion Acquisition 100% Acquisition of Acquisition of Swap Agreement Acquisition of 51 Acquisition of Acquisition of hydro asset over 1 GW of RES 62.5% of between EGP NA MW of operating four Energía +0.6
Slide 28: Power price scenario adjusted to Energy Decree provisions
Power Price scenario has been adjusted to the Energy Decree provisions reflecting a smooth ETS impact on Power Prices going forward Integrated Energy Management 95% 90% New B2C Clients >90% of the Renewable Generation (CB Rotation, churn driven) hedged with Fixed B2C and SMB Renewables’ Generation B
Slide 29: Energy Decree impacts (preliminary assessments)
Energy Decree impacts (preliminary assessments) Impacts on Net income (€bn) ~0.4 €bn/y ETS Effective from ~0.2 €bn/y ~0.6 €bn/y ~(0.1) €bn/y 01.01.20271 <0.1 €bn/y 0.3/0.4 €bn/y Effective in IRAP ~0.2 Step-up in Net Debt 2026-27 from YE2026 ~0.3 Gas Trasmission ETS System Tax Rate Managerial Net Imp
Slide 30: EPS bridge to target
EPS bridge to target: scenario headwinds factorized and visibility on growth drivers support our ambitions EPS evolution (€ cents) Market Scenario de-risked +2 +1/-1 80-82 assuming ETS system revision +6 +3 +3/4 69 +1 (2) +3 (3) 0.69 Greenfield Brownfield • M&A/BD process set and ramping-up • MACSE,
Slide 31: Leveraging financial flexibility and cash generation to fund growth
Leveraging on financial flexibility & cash generation to fund growth ambitions and shareholders remuneration 2026-28 Funds allocation (€bn) Sources Uses 90. 0 80. 0 70. 0 Debt increase 60. 0 & flexibility 50. 0 9 53 40. 0 30. 0 20. 0 47-49 10. 0 23 0.0 FFO 1 Partnerships, asset Total Total Sharehold
Slide 32: Solid liquidity position to cover long term maturities
Solid liquidity position to cover long term maturities LT Debt maturity by year (€bn) Financial strategy for 2026-28 Debt by currency2 Amount Expected (€bn) cost 30.0 8% 100% 25.0 13% 25.6 8% 90% Centralized 41.0 3.5% 80% 20.0 70% 37% 60% 15.0 Countries 7.1 9.2% 84% 50% 10.0 40% 5.0 8.8 8.3 8.5 30%
Slide 33: Flavio Cattaneo, Group's CEO
Flavio Cattaneo Group’s CEO ene
Slide 34: Value creation and Closing remarks
Value creation and Closing remarks
Slide 35: Shareholders remuneration: simple and visible ambition
Shareholders remuneration: a simple and visible ambition to deliver a solid and consistent DPS growth in the next three years EPS and Dividend policy (€/sh) Additional lever to further enhance EPS 0.69 0.80 - shareholders’ remuneration 0.82 0.90 0.80 0.70 0.60 0.50 3.5 Shares buy-back €bn1 0.40 0.30
Slide 36: Our trajectory @2030
Our trajectory @2030 Renewables (GW) RAB (€bn) EPS (€/sh) CAGR 25-30 CAGR 25-30 CAGR 25-30 ~ +5% ~ +6% ~ +6% 68 47 0.69 2025 2030 2025E 2030 2025E 2030 35
Slide 37: Ahead of schedule to achieve Net Zero
Ahead of schedule to achieve Net Zero Total absolute emissions (MtCO2eq) 2028 180 ~190 Short-term emission reduction 160 targets across all Scopes 140 120 -67% 2030 100 -99% GHG emission reduction targets 80 94 in line with 1.5°C pathway ~70 60 ~62 40 60 20 2040 <2.5 0 0 Zero GHG emissions from both
Slide 38: Closing remarks
Closing remarks 1 Growth ambitions on balance sheet flexibility Flexible approach on capital allocation to capture 2 value-creation opportunities Enhanced capital productivity to maximize sustainable 3 returns 4 Solid and predictable EPS growth, double digit Total return 37
Slide 39: Back-up
Back-up ene
Slide 40: 2026 results expected to deliver EPS growth in line with plan
2026 Results is expected to deliver an EPS growth in line with the plan Enel Group Net Income 2025-26 (€bn, €/share) - EBITDA Conversion +6% YoY EBITDA EPS 0.69 0.731 26 (€Cent/share) 23.1-23.6 24 22.9 22 7.0 7.1-7.3 20 Group 18 Net Income ~31% 16 EBITDA 14 Conversion into 12 Net Income 10 2025 2026
Slide 41: 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 Federico Baroncelli - Fixed Income and ESG Investors and Ratings Alessia Accili Bianca Brancati Jaime Andres Rodrigues Perez Emanuele Toppi