Enel Spa · MIL:ENEL
Enel Spa — Q1 2026 Earnings Presentation
38 slides from Enel Spa's earnings presentation, May 7, 2026
Slide 1: First Quarter 2026 Consolidated results
First Quarter 2026 Consolidated results May 7th, 2026
Slide 2: First Quarter 2026 Consolidated results
First Quarter 2026 Consolidated results Stefano De Angelis CFO
Slide 3: Opening remarks: walking the talk
Opening remarks: walking the talk… Productivity Risk Profile Growth 1 Earnings Quality 2 Financial Discipline 3 EPS Growth Networks’ EBITDA share lift to Integrated Portfolio 1Q26 EPS1: 20€/cent 42%, Spain starting a steady delivering in all geographies 27% of EPS FY target already growth trajectory
Slide 4: EBITDA evolution reshaped by a new business model
EBITDA evolution reshaped by a new business model delivering improved earnings quality while preserving financial sustainability Earnings Quality 1 Pivotal shift from a volatile “baseload” energy management centered on commodity into a flexible, mutually fair, integrated supply model FY EBITDA evolu
Slide 5: Solid operating delivery across the Assets' Portfolio
Solid operating delivery across the Assets’ Portfolio with financial and economic results progressing well on track to reach the FY ambitions Top level Cash and Financial Conversion Financial Discipline 2 26-27% of the FY Guidance already booked EBITDA1 (€bn) Net Income (€bn) +4% EBITDA converted +4
Slide 6: Cash generation covering investments, dividends and buyback
Sound EBITDA development translates into a Cash Generation able to cover Investments, Dividends and Shares’ Buy Back outflow Financial Discipline 2 ND/EBITDA 2.5x (ltm) FFO/ND 26% (ltm) FFO (€bn) Net Debt (€bn) Shareholders’ Net Cash Flow: remuneration: 3.9 €bn 3.9 €bn 0.7 57.2 (2.0) 1.3 2.6 57.2 57
Slide 7: EPS +6% YoY, already set at CMD
EPS +6% YoY, already set @ CMD Guidance CAGR and 2026 target EPS Growth 3 2026E EPS Q1 2026 Net Ordinary Income 0.73 2 6.0 +6% 0.532 (2.0) +4%4 (0.7) 0.18 0.20 0.4 Minorities (1.0) 1.9 Q1 2025 Q1 20261 2026E 2026E Adj. 9M Outlook Ordinary D&A Net financial Taxes Net ordinary EBITDA expenses 3 income
Slide 8: Share Buy Back Programs and brownfield pipeline
Share Buy Back Programs securing short term EPS expansion Large Brownfield “pipeline” backing Industrial Plan execution Growth/Financial Flexibility 3 Brownfield Greenfield Acquisition of 150MW ~1,000 MW ~3 GW in execution Jan 2026 Acquisition +350k B2C Clients +350k B2C ~3 GW eligible for approval
Slide 9: First Quarter 2026 Business highlights
First Quarter 2026 Business highlights Stefano De Angelis CFO
Slide 10: Grids EBITDA high double-digit growth
EBITDA high double-digit growth on higher investments deployed, supporting visibility on future delivery Grids EBITDA1 (€bn) Grids’ share of RAB (€bn) Group’s EBITDA +18% +2.9 €bn 2.5 €bn 2.2 2.5 0.7 0.6 42% 48.6 Q1 2026 58% 6.0 €bn 45.7 1.8 Europe 1.5 13.8 €bn FX >70% +5 p.p. exposed Q1 2025 Q1 202
Slide 11: Fixed Long Term offer as mutually fair hedging
Fixed Long Term offer as mutually fair hedging, reducing sourcing cost while smoothing and protecting by present and future price volatility Italian Pool Price €/MWh Italia Power Price volatility (2026) (PUN/GME Index) (Spot, FW 2027, FW 2028) (€/MWh) After the 2022-23 Spike and 50 Energy Iran war 1
Slide 12: Improved integrated strategy protects customers against price volatility
Improved integrated strategy protects customers against price volatility, whilst preserving marginality Renewables Generation Hedging (2027, TWh) Customer base Hedging by contract duration >80% Hedged by B2C 100% 18.0 Fixed Price offer Matched by Price already set (acquisition or >12M last price B2C
Slide 13: Capex deployed increasing in Grids and Renewables
Q1 2026 Capex deployed increasing in Grids and Renewables as planned Gross capex1 (€bn) Q1 2025 Q1 2026 Tier 1 76% Capacity2 66 68 Renewables (GW) +11% Q1 2026 RES production 35 35 2.3 0.4 €bn (TWh) 2.0 0.7 +12% Latam & Other 0.6 24% 1.6 Latam 1.4 23% Q1 2025 Q1 2026 +12% End users 68.6 69.2 Q1 2026
Slide 14: First Quarter 2026 Closing remarks
First Quarter 2026 Closing remarks Stefano De Angelis CFO
Slide 15: Closing remarks
Closing remarks EPS Guidance FY 2026E Improved earnings quality EPS +6%1 (€/sh) 0.72-0.74 through a growing YoY Solid operating contribution from and financial regulated activities performance bodes well and a less volatile to support 2026 Trajectory earnings mix, full-year enhance visibility while
Slide 16: Q1 2026 Annexes
Q1 2026 Consolidated results Annexes
Slide 17: Macroscenario
Macroscenario GDP (%) CPI (%) € vs. local currency2 Spot Price (€/MWh)3 Electricity Demand (TWh) Q1 20261 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Italy 0.70 0.66 1.37 1.83 - - 130.68 137.57 79.87 77.57 Iberia 2.70 3.02 2.77 2.67 - - 43.30 86.03 68.22 67.17 Rest of Wor
Slide 18: Net installed capacity – Breakdown by tech and geography
Net installed capacity – Breakdown by tech and geography Solar & MW Hydro Wind Geothermal BESS Nuke Oil & Gas Coal CCGT TOTAL Other Tier 1 Countries 18,363 10,512 776 7,243 3,232 3,328 3,925 4,401 10,952 62,732 Europe 18,363 3,931 776 3,376 1,774 3,328 3,925 4,401 10,952 50,827 Italy 12,995 874 776
Slide 19: Net production – Breakdown by tech and geography
Net production – Breakdown by tech and geography Solar & GWh Hydro Wind Geothermal Nuke Oil & Gas Coal CCGT TOTAL Other Tier 1 Countries 6,380 8,819 1,286 2,198 6,818 1,046 113 6,350 33,010 Europe 6,380 2,684 1,286 827 6,818 1,046 113 6,350 25,505 Italy 3,749 479 1,286 97 - 39 113 2,807 8,571 Iberia
Slide 20: Total additional capacity – Breakdown by tech and geography
Total additional capacity1 – Breakdown by tech and geography Solar & MW Hydro Wind Geothermal BESS Nuke Oil & Gas Coal CCGT TOTAL Other Tier 1 Countries 0.4 - - - - - - - - 0.4 Europe 0.4 - - - - - - - - 0.4 Italy 0.4 - - - - - - - - 0.4 Iberia - - - - - - - - - - Other EU Countries - - - - - - - -
Slide 21: 2026-28 additional capacity target
2026-28 additional capacity target Renewable projects in execution1: breakdown by technology and 2026-28 additional capacity target3 geography2 Solar & MW Wind Hydro Geothermal BESS TOTAL Other 3.0 Tier 1 Countries 295 4 - 919 1,499 2,716 Europe 90 4 - 294 1,499 1,886 Italy 90 1 - 165 1,450 1,706 0.
Slide 22: Enel Grids KPIs
Enel Grids KPIs1 Electricity Distributed (TWh) End users (mn) Smart meters (mn) Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Europe 89.0 86.2 44.0 43.8 43.6 43.5 Italy 53.3 51.8 31.2 31.1 31.0 31.0 Iberia 35.8 34.4 12.7 12.7 12.6 12.5 LatAm & Others 31.9 31.2 25.3 24.9 2.8 1.9 Brasil 19.8 19.3 16
Slide 23: Enel Commercial: Retail KPIs
Enel Commercial: Retail KPIs Power Gas Public Charging Customers (mn) Volumes (TWh) Customers (mn) Volumes (bsmc) Points (k) Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Europe 23.1 24.3 30.8 33.6 5.7 5.7 2.3 2.5 32.6 29.1 Italy 13.4 14.2 12.5 14.7 3.9 4.0 1.4 1.4
Slide 24: Total Investments (€mn)
Total Investments1 (€mn) Global Generation & Enel Grids Renewable Energies Enel Commercial Services & Others Total Trading Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Tier 1 Countries 56 61 1,221 1,100 345 225 166 184 3 12 1,791 1,582 2 Europe 56 6
Slide 25: Asset development Investments (€mn)
Asset development Investments1 (€mn) Global Generation & Enel Grids Renewable Energies Enel Commercial Services & Others Total Trading Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Tier 1 Countries 4 27 575 477 271 168 17 21 0 1 866 693 2 Europe 4 27
Slide 26: Revenues (€mn)
Revenues1 (€mn) Global Generation & Enel Grids Renewable Energies Enel Commercial Services & Others Total Trading Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Tier 1 Countries 5,852 8,332 3,109 2,779 1,978 1,727 9,000 10,229 (3,817) (5,227) 16,122 1
Slide 27: Reported EBITDA (€mn)
Reported EBITDA1 (€mn) Global Generation & Enel Grids Renewable Energies Enel Commercial Services & Others Total Trading Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 2 Tier 1 Countries 538 949 1,823 1,540 1,041 1,045 1,124 1,113 62 18 4,588 4,665 Eu
Slide 28: Ordinary Adjusted EBITDA & Ordinary EBITDA (€mn)
Ordinary Adjusted EBITDA1,2 & Ordinary EBITDA1 (€mn) Global Generation & Enel Grids Renewable Energies Enel Commercial Services & Others Total Trading3 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Tier 1 Countries 560 772 1,823 1,540 1,041 1,045 1,1
Slide 29: From Ordinary to Reported figures (€mn)
From Ordinary to Reported figures (€mn) EBITDA Net Income 2 Q1 2026 Q1 20251 Q1 2026 Q1 20251 Ordinary 6,003 5,974 1,941 2,003 Impairments - - - 4 DL Bollette – Italy (IRAP) - - (33) - Other non-core activities (23) - (23) - Estate tax - Colombia (16) - (8) - Coal results - Italy (22) - (16) - Total
Slide 30: Reported EBIT (€mn)
Reported EBIT1 (€mn) Global Generation & Enel Grids Renewable Energies Enel Commercial Services & Others Total Trading Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Tier 1 Countries 354 747 1,219 974 711 744 812 773 38 (7) 3,134 3,232 2 Europe 349 74
Slide 31: From EBITDA to Net Income (€mn)
From EBITDA to Net Income (€mn) Q1 2026 Q1 2025 Q1 2026 Q1 2025 ∆ yoy ∆ yoy ordinary ordinary1 reported reported EBITDA 6,003 5,974 +0.5% 5,942 5,974 -0.5% D&A and Others (1,965) (1,931) (1,977) (1,929) EBIT 4,038 4,043 -0.1% 3,965 4,045 -2.0% Net financial charges (698) (683) (696) (683) Net income
Slide 32: Gross debt structure
Gross debt1 structure Long term debt by currency After swap Long term Interest rate composition 50% 19% 83% 68.0 €bn 1% 3% 68.0 €bn 68.0 €bn 6% 3% 1% 4% 3% 8% 81% 1% 37% EUR USD BRL CLF EUR USD BRL CLF Floating Fixed + Hedged COP CHF Other COP CHF GBP Other 1. In nominal terms 31
Slide 33: Debt structure by instrument (€bn)
Debt structure by instrument (€bn) EGP SpA LATAM Rest of and and USA and RoW- Debt by instrument Enel Spa EFI Italy Iberia the Total Central Central Canada Other World Others America Bonds 2.17 40.45 - - 0.01 3.90 3.28 0.62 - 46.53 Bank Loans 1.00 0.41 0.12 4.51 6.42 5.44 4.49 0.88 0.07 17.90 Tax Pa
Slide 34: Debt maturity coverage split by typology (€bn)
Debt maturity coverage split by typology (€bn) Available liquidity Debt maturities2 (€bn) 31.5 4.7 9.2 22.7 €bn 18.0 22.3 8.6 8.4 8.6 Bank Loans and Others 3.3 2.8 3.1 6.4 1.3 4.1 Available committed 1.4 Bonds 5.3 5.6 5.5 5.1 credit lines1 2.7 Cash 2026 2027 2028 2029 2030 After 2030 1.Of which 17.2
Slide 35: Balance sheet (€mn)
Balance sheet (€mn) Q1 2026 Q1 2025 Δ yoy Net financial debt 57,830 57,182 +1.1% Shareholders’ equity 50,399 46,805 +7.7% Net capital employed 108,229 103,987 +4.1% 34
Slide 36: Headcount
Headcount 1 Q1 2026 FY 2025 Δ yoy Generation and Trading 4,527 4,560 -0.7% Enel Green Power 7,193 7,266 -1.0% Grids 35,481 35,395 +0.2% 1 Enel Commercial 6,562 6,651 -1.3% 1 Others and adjustments 7,781 7,762 +0.2% Total 61,544 61,634 -0.1% 35
Slide 37: Disclaimer
Q1 2026 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 38: Contact us
Contact us Contacts Email investor.relations@enel.com Omar Al Bayaty Phone +39 06 8305 7975 Head of Group Investor Relations Investor Relations App Federico Baroncelli - Fixed Income and ESG iOS Android Investors and Ratings Alessia Accili Bianca Brancati Jaime Andres Rodrigues Perez Emanuele Toppi