Slide 1: Nine months 2024 Consolidated results
Nine months 2024 Consolidated results November 6th, 2024
Slide 2: Nine months 2024 Consolidated results - CFO
Nine months 2024 Consolidated results Stefano De Angelis CFO
Slide 3: Delivering on our 2023 CMD promises
Delivering on our 2023 CMD promises allocation ✓ Selective capital allocation to maximize Capital Profitability, Ordinary EBITDA Ordinary Net Income 1 flexibility and risk-return profile while enhancing flexibility ✓ Improve resiliency and visibility of Group’s 17.4 €bn 5.8 €bn resiliency +6% yoy +1
Slide 4: Execution of capital allocation and strategic priorities
Execution of capital allocation and strategic priorities reshaping Group’s business and financial profile Gross capex by business line1 Ordinary EBITDA1,2 By business line By geography ROW Grids’ capex reached 54% on US total on the back of 5.9 23% 3.5 4% investments in quality and 9M 2024 resilienc
Slide 5: Linear and predictable EBITDA delivery amidst a tough market
Linear and predictable EBITDA delivery amidst a tough market and geopolitical environment 2021-24 Ordinary EBITDA evolution (€bn) Ordinary EBITDA (€bn) 13% 22.1-22.81 20. 0 25. 0 22.0 18. 0 17.4 19.2 19.7 15.4 20. 0 25% ~24% 16. 0 14. 0 5.8 34% 36% Q3 5.4 Q4 ~26% 12. 0 15. 0 26% 10. 0 Q3 22% 22% Q2
Slide 6: Grids up single digit net of disposals
Grids Grids up single digit net of disposals driven by higher capex allocation and visible returns Ordinary EBITDA evolution (€bn) (2%) Tariff indexation in Latam offets CPI impact on opex and improves 7 visibility on results 6.1 0.1 0.1 5.9 0.2 0.5 6 Resilient performance in Iberia. Latam 5 1.6 1.6
Slide 7: Integrated business EBITDA up by 11%
Integrated business Integrated business EBITDA up by 11% as retail and renewables go ‘back to normal’ Ordinary EBITDA evolution (€bn) • Normalization after a poor result in 2023 Renewables • Tougher price scenario in H1 proves the +11% resiliency of the integrated business model 14. 000 • Higher res
Slide 8: Addressable cash-cost efficiency well underway
Addressable cash-cost efficiency well underway Addressable cash-cost baseline1 Evolution vs 2022 (€bn) Reduction by nature 60% of the 2026 efficiency target 25% already achieved. 0.6 €bn Spending review (0.6) based on value- 6.9 75% added contribution of 6.3 internal and external 5.9 Business portfo
Slide 9: Net Ordinary Income up by a sound 16% yoy
Net Ordinary Income up by a sound 16% yoy Profit & loss (€bn) Key Drivers 9M 2024 9M 2023 ∆ yoy Financial expenses Financial cost reduction supported by Reported EBITDA 18.6 15.2 22% lower debt thanks to the cash-in of M&A deals in Q2 and robust cash Ordinary EBITDA 17.4 16.4 6% generation D&A and P
Slide 10: Visible trajectory on cash generation underpins FFO and Net Debt
Visible trajectory on cash generation underpins expectations of FFO and Net Debt for FY Cash flow (€bn) Q4 Key Drivers Working Capital evolution in line (2.9) €bn ∆WC o/w: with recurring seasonality, o (1.2) €bn non-recurring1 o (1.7) €bn Payables seasonality recovery already underway EBITDA 16.4 17
Slide 11: Pro-forma Net Debt at around 56 €bn
Pro-forma Net Debt at around 56 €bn Net debt evolution (€bn) o 1.2 €bn DX activities 7.8 €bn Gross CAPEX: in Lombardy (1.1) €bn BESS Partner. o 0.8 €bn Solar assets (0.6) €bn Grants in Spain 5.2 58.2 60.2 (9.0) (4.3) 6.1 2.0 ~56 FFO-Capex 2.9 €bn ND/EBITDA2 2.5x 2.4x Dec. 31, 2023 FFO Net Capex APM
Slide 12: Closing remarks
Nine months 2024 Closing remarks
Slide 13: Closing remarks
Closing remarks 1 2 3 4 Resilient and risk- Accountability and Execution of New balanced asset operating disposal plan at Strategic Plan base delivers excellence set the high multiples to be solid economic foundations of reinstates balance presented on and financial long-term sheet solidity November
Slide 14: Annexes
9M 2024 Consolidated results Annexes
Slide 15: Update on M&A plan
Update on M&A plan Net Debt impact Amount (€bn) Year Sale of Argentina generation1 0.1 2023 Sale of 50% stake in Australia1 0.1 2023 Exit from Romania1 2.1 2023 Deals Sale of PV Assets in Chile 0.5 2023 closed Sale of 50% stake in EGP Hellas 0.3 2023 Sale 150 MW of solar and geothermal capacity 0.3
Slide 16: Macroscenario
9M 2024 consolidated results Macroscenario GDP (%) CPI (%) FX against €1 Spot Price (€/MWh)1 Electricity Demand (TWh) 9M 2024 9M 2023 9M 2024 9M 2023 9M 2024 9M 2023 9M 2024 9M 2023 9M 2024 9M 2023 Italy 0.54 0.96 1.00 7.70 102.15 128.33 236.33 231.04 Iberia 2.85 2.80 3.06 3.46 52.40 91.13 223.71 22
Slide 17: Group consolidated net capacity by technology and geography
9M 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 12,993 874 776 366 - 2,132 4,160 4,657 25,959 Iberia 4,746 2,893 - 2,453 3,328 2,333 241 5,445 21,439 Rest of World 9,804 11
Slide 18: Group consolidated net production by technology and geography
9M 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 14,611 991 3,931 249 - 219 949 6,016 26,965 Iberia 5,891 4,713 - 3,258 19,344 3,296 54 9,187 45,742 Rest of World 29,523
Slide 19: Group total additional capacity by technology and geography
9M 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 1 - - 129 - 80 - 50 260 Iberia - 9 - 184 - - - - 193 Rest of World 2 194 - 1,471 - - - - 1,666 Latin America 2 194 - 708 -
Slide 20: Renewable projects in execution
9M 2024 consolidated results Renewable projects in execution: breakdown by technology and geography1 Solar & MW Wind Hydro Geothermal BESS Total Other Italy - 5 - 212 1,572 1,788 Iberia 33 10 - 661 42 746 Rest of World 530 156 - 2,529 283 3,498 Latin America 194 156 - 1,288 168 1,806 North America -
Slide 21: Pipeline
9M 2024 consolidated results Pipeline Renewables Pipeline (GW) 2024-26 Additional capacity target2 2.9 ~327 70 154 6.0 13.4 GW 97 4.5 6.0 Gross Pipeline BESS 1 Early stage Mature In execution Capacity in execution Built capacity 1. It includes BESS for around 46.4 GW in early stage and around 23.3 G
Slide 22: Mature pipeline
9M 2024 consolidated results Mature pipeline1 By technology By geography By COD 4% 11% 15% 1%10% 2% 34% 97 GW 97 GW 18% 97 GW 28% 62% 26% 89% Wind Italy North America 2025 Solar Iberia Rest of Europe 2026 Hydro & Other Latin America Africa, Asia & Oceania >2026 1. It excludes BESS mature pipeline 21
Slide 23: Enel Grids KPIs
9M 2024 consolidated results Enel Grids KPIs1 Electricity distributed Grid customers (mn) Smart meters (mn) 9M 2024 9M 2023 9M 2024 9M 2023 9M 2024 9M 2023 Italy 163.0 160.2 31.9 31.8 31.8 31.7 Iberia 105.7 103.9 12.6 12.5 12.5 12.4 Rest of World 94.6 105.0 24.7 28.9 1.6 2.4 Latin America 94.6 93.6
Slide 24: Enel X Global Retail: Retail KPIs
9M 2024 consolidated results Enel X Global Retail: Retail KPIs1 Power Gas Customers (mn)2 Volumes (TWh) Customers (mn) Volumes (bsmc) 9M 2024 9M 2023 9M 2024 9M 2023 9M 2024 9M 2023 9M 2024 9M 2023 Italy 14.8 19.1 56.7 66.6 4.0 4.5 2.4 2.9 Iberia 10.2 10.5 56.5 59.5 1.8 1.8 2.4 2.8 Rest of World 24.
Slide 25: Enel X Global Retail: Enel X
9M 2024 consolidated results Enel X Global Retail: Enel X Enel X Public Charging points (k) Street lighting (mn) Storage (MW) Demand Response (GW) 9M 2024 9M 2023 1 9M 2024 9M 2023 9M 2024 9M 2023 9M 2024 9M 2023 Italy 21.3 19.7 1.6 1.6 - - 0.6 0.9 Iberia 6.1 5.0 0.2 0.1 - - 0.1 0.2 Rest of World 1.
Slide 26: Capex (€mn)
9M 2024 consolidated results Capex1 (€mn) Global Generation Services Enel Grids Renewable Energies Enel X Global Retail 2 Total & Trading & Other 9M 2024 9M 2023 9M 2024 9M 2023 9M 2024 9M 2023 9M 2024 9M 2023 9M 2024 9M 2023 9M 2024 9M 2023 Italy 190 257 2,534 2,113 732 1,326 402 382 14 36 3,873 4,
Slide 27: Asset development Capex (€mn)
9M 2024 consolidated results Asset development Capex1 (€mn) Global Generation Services Enel Grids Renewable Energies Enel X Global Retail 2 Total & Trading & Other 9M 2024 9M 2023 9M 2024 9M 2023 9M 2024 9M 2023 9M 2024 9M 2023 9M 2024 9M 2023 9M 2024 9M 2023 Italy 161 200 1,155 936 634 1,229 96 83
Slide 28: Revenues (€mn)
9M 2024 consolidated results Revenues1 (€mn) Global Generation Services Enel Grids Renewable Energies Enel X Global Retail2 Total & Trading & Other 9M 2024 9M 2023 9M 2024 9M 2023 9M 2024 9M 2023 9M 2024 9M 2023 9M 2024 9M 2023 9M 2024 9M 2023 Italy 9,398 18,401 6,071 5,586 3,122 1,944 17,189 21,224
Slide 29: Reported EBITDA (€mn)
9M 2024 consolidated results Reported EBITDA1 (€mn) Global Generation Services Enel Grids Renewable Energies Enel X Global Retail2 Total & Trading & Other 9M 2024 9M 2023 9M 2024 9M 2023 9M 2024 9M 2023 9M 2024 9M 2023 9M 2024 9M 2023 9M 2024 9M 2023 Italy 1,549 1,728 2,961 2,734 2,018 311 2,313 3,1
Slide 30: Ordinary EBITDA (€mn)
9M 2024 consolidated results Ordinary EBITDA1 (€mn) Global Generation Services Enel Grids Renewable Energies Enel X Global Retail2 Total & Trading & Other 9M 2024 9M 2023 9M 2024 9M 2023 9M 2024 9M 2023 9M 2024 9M 2023 9M 2024 9M 2023 9M 2024 9M 2023 Italy 1,549 1,728 2,961 2,734 2,018 311 2,313 3,1
Slide 31: Reported EBIT (€mn)
9M 2024 consolidated results Reported EBIT1 (€mn) Global Generation Services Enel Grids Renewable Energies Enel X Global Retail 2 Total & Trading & Other 9M 2024 9M 2023 9M 2024 9M 2023 9M 2024 9M 2023 9M 2024 9M 2023 9M 2024 9M 2023 9M 2024 9M 2023 Italy 1,376 1,619 1,899 1,717 1,763 63 1,494 2,540
Slide 32: From EBITDA to net income (€mn)
9M 2024 consolidated results From EBITDA to net income1 (€mn) 9M 2024 9M 2023 9M 2024 9M 2023 ∆ yoy ∆ yoy reported reported ordinary ordinary EBITDA 18,595 15,220 22.2% 17,449 16,386 6.5% D&A (5,867) (5,385) (5,804) (5,527) EBIT 12,728 9,835 29.4% 11,645 10,859 7.2% Net financial charges (2,310) (2,
Slide 33: D&A reported (€mn)
9M 2024 consolidated results D&A reported (€mn) 9M 2024 9M 2023 ∆ yoy Generation and Trading 631 548 15.1% Enel Green Power 1,257 1,221 2.9% Grids 2,253 2,187 3.0% Enel X Global Retail 1 1,579 1,256 25.7% Others and adjustments 147 173 -15.0% Total 5,867 5,385 9.0% 1. Enel X Global Retail includes E
Slide 34: Long-term debt structure
9M 2024 consolidated results Long-term debt1 structure By currency Interest rate Long term By currency After swap composition credit ratings 51% Rating Outlook 83% 17% S&P BBB Stable 67.2 €bn 67.2 €bn 67.2 €bn Moody’s Baa1 Stable 6% 3% 1% 3% 3% 83% 2% 10% Fitch BBB+ Stable 1% 37% EUR USD BRL Floatin
Slide 35: Debt structure by instrument (€bn)
9M 2024 consolidated results Debt structure by instrument (€bn) EGP SpA Africa, Asia Rest of the Latin North Debt by instrument Enel Spa EFI and Central Italy Iberia Europe and Total World America America Others Oceania Bonds 2.34 39.84 - - 0.01 4.9 3.36 1.54 - - 47.09 Bank Loans 1.31 - 0.18 4.1 5.9
Slide 36: Debt maturity coverage split by typology (€bn)
9M 2024 consolidated results Debt maturity coverage split by typology (€bn) Available liquidity 34.2 Bank Loans and Others 8.2 Bonds 8.2 27.8 €bn 19.6 26.0 8.7 8.8 7.3 6.6 3.2 2.3 2.1 2.8 1.0 5.2 5.5 6.5 0.9 3.8 Available committed 0.1 credit lines1 2024 2025 2026 2027 2028 After 2028 Cash 1. Of whi
Slide 37: Balance sheet (€mn)
9M 2024 consolidated results Balance sheet (€mn) 9M 2024 FY 2023 Δ Net financial debt 58,153 60,163 -3.3% Shareholders' equity 49,684 45,109 10.1% Net capital employed 107,837 105,272 2.4% 36
Slide 38: Headcount
9M 2024 consolidated results Headcount 1 9M 2024 FY 2023 ∆ yoy Generation and Trading 5,234 5,725 -8.6% Enel Green Power 8,265 8,891 -7.0% Distribution 31,521 30,946 1.9% 1 Enel X Global Retail 8,215 8,926 -8.0% Others and adjustments 6,917 6,567 5.3% Total 60,152 61,055 -1.5% 1. Enel X Global Retai
Slide 39: Disclaimer
9M 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 40: Contact us
Contact us Contacts Email investor.relations@enel.com Phone +39 06 8305 7975 Investor Relations App Omar Al Bayaty iOS Android Head of Group Investor Relations Investor Relations team Federico Baroncelli Serena Carioti Gaia Cherubini Federica Dori Fabrizio Ragnacci Channels Danielle Ribeiro da Encar