Slide 1: Full Year Consolidated results
Full Year Consolidated results March 18th, 2021
Slide 2: Full Year 2020 Consolidated results
Full Year 2020 Consolidated results Francesco Starace CEO
Slide 3: Key highlights of the year
Key highlights of the year Results & shareholders Push on Group Credit rating remuneration decarbonisation simplification improvements 5.2 €bn +3.1 GW Merger of EGP Net Income New record on Latam into at top of the Moody’s renewable Enel Americas range upgrade to Baa1 built capacity effective as of
Slide 4: A remarkable operational and financial performance amidst COVID-19 pandemic
A remarkable operational and financial performance amidst COVID-19 pandemic Operational delivery… …coupled with outstanding financial performance Continued growth 2020 Total Shareholder Return3 in renewables +3.1 GW Net income Digitalized end 22% 5.2 €bn users1 +500k DY 5% 14% DPS Increasing Share c
Slide 5: Enhancing green leadership position entering the new decade
Enhancing green leadership position entering the new decade 55 Unmatched and proven …to deliver the RES track record… super major 50 RES 45 40 49 Capacity 35 30 38 32 (GW)1 25 20 RES built capacity (GW) RES capacity (GW) Enel 2nd 3rd 3x 140.00 8.00 ~7 120.00 7.00 70 74 100.00 60 6.00 End users 50 5.
Slide 6: Fostering scale, quality and resiliency of the backbone of the energy transition
Fostering scale, quality and resiliency of the backbone of the energy transition 55 50 Value creation without increasing costs for end users RES 45 40 49 Capacity 35 End users (mn) Quality (SAIDI) 30 38 32 (GW)1 25 -12% 20 2019 Enel 2nd 3rd 100 90 ~90 80 294 min 70 74 74 70 60 60 74 50 61 2020 End u
Slide 7: Positioning optimally to benefit from growth of customers' value
Positioning optimally to benefit from growth of customers’ value 55 Highly urbanized customer base enhances value 50 creation from electrification RES 45 40 49 Capacity 35 38 Total customers B2C Customer value2 (€/Cl/y) 30 32 (GW)1 25 20 Enel 2nd 3rd Europe 42 mn +2x 150 130 70 60 74 110 End users 5
Slide 8: Delivering on a fully sustainable capex plan
Delivering on a fully sustainable capex plan, net of currency impact capex up by 7% yoy Capex by business model and GBL Ownership model FY 2019 FY 2020 5%4% Ownership model 10.2 Consolidated RES 42.1 45.0 Stewardship1 10.00 0.7 capacity (GW) 9.5 €bn Smart meter 2.0 (mn) 13.1 18.2 8.00 50% Customers
Slide 9: Global Power Generation Key highlights
Global Power Generation Production evolution1 Renewables (TWh) Conventional Generation (TWh) xx Production on total 300 .0 Production from renewables Capacity 239.4 217.0 Capacity overtakes conventional sources on total2 250 .0 on total2 on greener installed base Key highlights 200 .0 -22% Conventio
Slide 10: Set new additional capacity record with 3,100 MW built in 2020
Set new additional capacity record with 3,100 MW built in 2020 notwithstanding COVID-19 Renewable capacity evolution (GW) Emission free share of production1 45.8 Total capacity 48.6 57% emission free 65% emission free 0.2 0.3 FY 2019 FY 2020 3.7 3.6 239 TWh 217 TWh 2.9 - +3,100 MW 45.0 42.1 Emission
Slide 11: Further acceleration on coal exit to boost GHG emission reduction
Further acceleration on coal exit to boost GHG emission reduction Coal production (TWh) Coal capacity (GW) xx% Coal production on total1 xx% Coal capacity on total1 -65% -24% Coal production down by 65% yoy 13.0 0 38. 00 12.0 0 33. 00 37.6 2.8 GW of coal capacity 11.0 0 11.7 28. 00 10.0 0 shut down
Slide 12: Renewable pipeline up 1.5x enhances visibility on delivery
Renewable pipeline up 1.5x enhances visibility on delivery Renewables Pipeline (GW) 2021-23 Additional GENERATION STORAGE capacity 2021-23 Pipeline/Residual target +1.5x ~120 3.5x 10.5 19.5 BY CLUSTER ~206 GW 9.0 Integrated presence 2.4x 141 ~60 Potential integrated ~15 presence 9.0x 10.5 Gross Gros
Slide 13: Infrastructure & Networks Key highlights
Infrastructure & Networks SAIDI (min.) Smart meter1 (mn) xx Smart meter 2.0 -12% +500k Double digit decrease in SAIDI during COVID-19 year 45.0 0 300 .00 Key highlights 44.5 0 290 .00 294 44.3 44.0 0 Grid digitalization: 280 .00 43.5 0 43.8 60% of end users with smart meter 270 .00 43.0 0 42.5 0 260
Slide 14: Retail & Enel X
Retail & Enel X Retail Enel X and new infrastructures Free market Free market FY 2019 FY 2020 power customers (mn) energy sold (TWh)1 +2.3x Charging points2 (k) 82 186 +200k -7% +41% 184.0 Fiber deployment 7.9 11.1 18 200 180 170.7 (Households passed mn) 17 160 17 17.4 140 -10% 17 17.2 120 +17% 17 1
Slide 15: Merger of EGP Latam assets in Enel Américas
Merger of EGP Latam assets in Enel Américas 1 65% 100% Merger effective as of April 1st 2021 Américas Latin America Enel shareholding post transaction2 >75% September End December PTO launched April 2020 2020 March 15th, 2021 PTO launched on 10% of pre- 2021 merger share capital @140 CLP/sh BOD laun
Slide 16: Total Shareholders Return at 22%
Total Shareholders Return at 22% DPS (€/Share) 2020 Total Shareholder Return1 +20% Dividend yield Guaranteed DPS 5% +9% 0.43 0.40 22% 0.38 0.358 0.328 0.30 17% 2019 2020 2021 2022 2023 Share price increase 2020 DPS above guaranteed 0.35 €/sh Guaranteed DPS double digit growth by 2023 15 1. From Jan
Slide 17: Full Year 2020 Financial results
Full Year 2020 Financial results Alberto De Paoli CFO
Slide 18: Financial highlights (€mn)
Financial highlights (€mn) EBITDA1 Net Income1 FFO Net Debt 17,940 5,197 11,525 45,415 - +9% -1% +1% FY 2019 17,905 4,767 11,630 45,175 1. Ordinary figures 17
Slide 19: Currencies' weakness over 2020, electricity demand starts recover in H2
Currencies’ weakness over 2020, electricity demand starts recover in H2 Currencies vs. euro1 (∆ yoy) Electricity demand (∆ yoy) FY 2020 H1 2020 H2 2020 FY -9% Italy -5% ARS/EUR -34% -2% -8% Spain -5% BRL/EUR -24% -3% -5% Brazil -1% CLP/EUR -13% 2% 2% COP/EUR Chile +1% -13% -% -2% PEN/EUR -6% Colombi
Slide 20: FX and COVID-19 impact on demand and bad debt
FX and COVID-19 impact on demand and bad debt (€bn) Net of Ordinary FX COVID-19 Bad debt COVID-19 & FX Net of FX and COVID-19, EBITDA would have increased by 9% EBITDA 17.9 1.0 0.73 19.6 COVID-19 impact mainly associated with declining volumes in Latam D&A (6.7) 0.37 (0.29) (6.6) D&A impacted by bad
Slide 21: Ordinary EBITDA in line vs PY despite COVID-19 and FX devaluation impact
Ordinary EBITDA in line vs PY despite COVID-19 and FX devaluation impact EBITDA FY 2020 By business model By business line EBITDA net of FX and COVID-19 0.3 +9% versus previous year 4.7 7.7 Generation performance boosted by 17.9 €bn1 17.9 €bn1 renewables development 2.2 17.6 0.2 3.2 Around 350 €mn F
Slide 22: Global Power Generation
Global Power Generation Performance driven by growth in renewables, efficiencies and short position EBITDA evolution (€mn)1 EBITDA by geography1 EGP Conventional Generation & Trading 10,0 00 +12% 9,00 0 Positive contribution of 5% 6,951 new RES capacity 8,00 0 6,203 27% 33% 7,00 0 FY 2020 Benefits f
Slide 23: GPG - Enel Green Power
GPG - Enel Green Power Continued delivery on renewable growth drives EGP result in 2020 EBITDA evolution (€mn)1 EBITDA by geography1 +2% 500 €mn positive contribution from 4% 5,20 0.00 new capacity developed 29% 42% 4,70 0.00 FY 2020 4,721 Benefit from higher volumes 4,618 4.7 €bn (+6 TWh yoy) 4,20
Slide 24: GPG - Conventional generation and trading
GPG - Conventional generation and trading Production down by 22% yoy, benefits from trading activities and efficiencies EBITDA evolution (€mn)1 EBITDA by geography1 +41% 3,00 0.00 Gas portfolio management 1% 15% and short position 5% 2,50 0.00 2,230 FY 2020 Efficiencies for around 150 €mn 2,00 0.00
Slide 25: Infrastructure and Networks
Infrastructure and Networks EBITDA up by 3% net of currency devaluation and COVID-19 impact EBITDA evolution (€mn)1 EBITDA by geography1 -6% Quality and efficiency programme 10,0 00.00 21% 8,228 7,714 drive growth in European networks 27% 8,00 0.00 Latam 2,259 FY 2020 1,598 Demand contraction impact
Slide 26: Retail
Retail Increase in customer base in spite of COVID-19 EBITDA evolution (€mn)1 Free market – Energy sold (TWh)2 -3% -4% 66.2 64.2 Free market customer base increase driven by +300k customers in Italy 16.1 17.2 +7% 3,334 3,197 Italy 50.1 47.0 -6% Regulated 600 Volumes contraction in Spain, markets 6%
Slide 27: Profit & loss (€mn)
Profit & loss (€mn) FY 2020 FY 2019 ∆ yoy Ordinary EBITDA 17,940 17,905 -% D&A (6,656) (6,809) -2% EBIT 11,284 11,096 +2% Financial expenses1 (2,197) (2,413) -9% Results from equity investments 134 (88) n.m. EBT 9,221 8,595 +7% Income taxes (2,541) (1,960) +30% Minorities (1,483) (1,868) -21% Group
Slide 28: Net Ordinary Income up by 9% driven by focus on minorities and financial charges
Net Ordinary Income up by 9% driven by focus on minorities and financial charges Net Ordinary Income evolution (€bn) +9% Net income increase net of 0.2 FX impact +14% yoy 5.5 0.2 0.4 0.0 0.2 5.2 5.0 4.5 4.8 (0.6) Financial expenses reduction 4.0 thanks to lower cost of debt 3.5 3.0 Minorities decrea
Slide 29: Cash flow (€bn)
Cash flow (€bn)1 20.0 18.0 16.0 17.9 ( 2.1 ) 14.0 ( 0.4 ) ( 0.4 ) 12.0 (1.6) 10.0 ( 2.0 ) 11.5 ( 10.2 ) 8.0 6.0 4.0 2.0 1.3 - Ordinary ∆ Provisions 2 Provision ∆Working Income Financial FFO Capex FCF EBITDA reversal in capital taxes expenses 3 Spain & other PY 17.9 (1.8) (0.0) (1.8) (2.7) 11.6 (10.0
Slide 30: Debt (€bn)
Debt (€bn) Net debt evolution Gross debt 50 -4% 48 1.0 0.5 45.2 4.7 61.5 46 59.0 Hybrids 44 2.4 (2.3 45.4) 45.4 60 42 9.0 6.0 Cash 50 7.3 7.6 Fin. receivables 40 (1.3) 40 Hybrids 38 30 45.4 Net debt 36 20 45.2 34 10 32 - 30 1 Dec 31, FCF Dividends APM New FX Dec 31, Dec 31, 2019 Dec 31, 2020 2019 pa
Slide 31: Liquidity position and credit metrics
Liquidity position and credit metrics Strong financial position with ample liquidity available Liquidity position and LT debt maturities (€bn)1 Credit metrics 19.0 2019 2020 17.0 NET DEBT 2.5x 2.5x 2021-23 Maturities 14.9 €bn /EBITDA 15.0 13.2 6.0 13.0 1.9 FFO/NET 11.0 DEBT 26% 25% 24.6 €bn 9.0 7.0
Slide 32: Accelerating towards next decade goals...
Accelerating towards next decade goals... Earnings at top of A solid operating People first: the range roll out supporting proactive measure confirming an long term Top quartile 2020 to protect people outstanding positioning to Total Shareholder and ensure growth in spite of capture energy Return bu
Slide 33: Full Year 2020 Consolidated results Annexes
Full Year 2020 Consolidated results Annexes
Slide 34: Macroscenario
FY 2020 consolidated results Macroscenario GDP (%) CPI (%) FX against €1 Spot Price (€/MWh) Electricity Dem and (TWh) 2 FY 2020 FY 2019 FY 2020 FY 2019 FY 2020 FY 2019 FY 2020 FY 2019 FY 2020 FY 2019 Italy (8.86) 0.34 (0.14) 0.63 - - 38.91 52.35 302.92 319.64 Iberia (10.02) 3.37 (0.33) 0.78 - - 34.0
Slide 35: Group consolidated net capacity by technology and geography
FY 2020 consolidated results Group consolidated net capacity: breakdown by technology and geography Solar & MW Hydro Wind Geothermal Nuke Oil & Gas Coal CCGT TOTAL Other Italy 12,417 771 769 29 - 2,237 5,594 4,583 26,400 Iberia 4,749 2,422 - 610 3,328 2,334 2,764 5,445 21,652 Latin America 10,582 2,
Slide 36: Group consolidated net production by technology and geography
FY 2020 consolidated results Group consolidated net production: breakdown by technology and geography Solar & GWh Hydro Wind Geothermal Nuke Oil & Gas Coal CCGT TOTAL Other Italy 16,582 1,204 5,647 18 - 282 9,085 9,677 42,495 Iberia 7,682 5,235 - 498 25,839 4,217 1,433 11,365 56,269 Latin America 37
Slide 37: Group total additional capacity by technology and geography
FY 2020 consolidated results Group total additional capacity1: breakdown by technology and geography Solar & MW Hydro Wind Geothermal Nuke Oil & Gas Coal CCGT TOTAL Other Italy 9 - 4 - - - - 48 62 Iberia 2 132 - 258 10 - - - 401 Latin America 4 574 - 301 - - 1 - 880 Argentina - - - - - - - - - Brazi
Slide 38: Renewable projects in execution by technology and geography
FY 2020 consolidated results Renewable projects in execution: breakdown by technology and geography1 Solar & MW Wind Hydro Geothermal Total Other Italy 137 58 4 - 199 Iberia 180 6 - 583 769 Latin America 2,293 3 28 2,498 4,822 Rest of Europe 272 - - 6 279 North America 953 - - 1,445 2,398 Africa, As
Slide 39: EGP mature pipeline
FY 2020 consolidated results EGP mature pipeline By technology By geography By COD 1% 15% 10% 17% 12% 9% 46% 48% ~60 GW ~60 GW ~60 GW 53% 19% 35% 35% Wind Italy North America 2022 Solar Iberia Rest of Europe 2023 Hydro & Others Latin America Africa, Asia & Oceania >2023 38
Slide 40: Infrastructure & Networks KPIs
FY 2020 consolidated results Infrastructure & Networks KPIs Electricity distributed (TWh) 1 End users (m n) 1 Sm art m eters (m n) 1 FY 2020 FY 2019 FY 2020 FY 2019 FY 2020 FY 2019 Italy 213.6 228.1 31.4 31.5 30.6 30.7 Iberia 124.7 126.6 12.3 12.2 12.4 12.2 Latin Am erica 131.0 137.3 27.6 27.2 0.4 0
Slide 41: Retail KPIs
FY 2020 consolidated results Retail KPIs Power Gas 1 1,2 1 1 Customers (mn) Volumes (TWh) Customers (mn) Volumes (bsmc) FY 2020 FY 2019 FY 2020 FY 2019 FY 2020 FY 2019 FY 2020 FY 2019 Italy 22.6 23.7 90.2 97.5 4.1 4.2 4.4 4.7 Iberia 10.4 10.6 80.8 89.4 1.7 1.6 5.0 5.7 Latin America 27.6 27.2 118.4 1
Slide 42: Italian and Spanish power market
FY 2020 consolidated results Italian and Spanish power market Italy Spain Customers (mn) Enel Customers (mn) Enel Regulated Free Total Market Share % 2 Regulated Free Total Market Share % 3 Business 2.2 5.0 7.2 37% Business - 0.9 0.9 23% Residential 13.0 16.7 29.7 46% Residential 10.9 17.7 28.7 29%
Slide 43: Baseload power price & production sold forward
FY 2020 consolidated results Baseload power price & production sold forward Baseload price 2020 2021 2022 2023 Italy (€/MWh) 38.9 52.3 53.9 55.3 Iberia (€/MWh) 34.0 48.4 49.2 49.7 Production sold forw ard 2020 2021 2022 2023 price % price % price % price % 1 Italy (€/MWh) 57.5 100% 51.6 85% 51.6 41%
Slide 44: Capex (€mn)
FY 2020 consolidated results Capex1 (€mn) Conventional Generation & Global Infrastructure Services EGP Retail Enel X Total Trading & Netw orks & Other FY 2020 FY 2019 FY 2020 FY 2019 FY 2020 FY 2019 FY 2020 FY 2019 FY 2020 FY 2019 FY 2020 FY 2019 FY 2020 FY 2019 Italy 180 189 1,966 1,753 282 240 310
Slide 45: Asset development Capex (€mn)
FY 2020 consolidated results Asset development Capex1 (€mn) Conventional Generation & Global Infrastructure Services EGP Retail Enel X Total Trading & Netw orks & Other FY 2020 FY 2019 FY 2020 FY 2019 FY 2020 FY 2019 FY 2020 FY 2019 FY 2020 FY 2019 FY 2020 FY 2019 FY 2020 FY 2019 Italy 92 49 954 851
Slide 46: Revenues (€mn)
FY 2020 consolidated results Revenues1 (€mn) Conventional Generation & Global Infrastructure Services EGP Retail Enel X Total Trading & Netw orks & Other FY 2020 FY 2019 FY 2020 FY 2019 FY 2020 FY 2019 FY 2020 FY 2019 FY 2020 FY 2019 FY 2020 FY 2019 FY 2020 FY 2019 Italy 14,029 23,688 7,488 7,647 2,
Slide 47: Reported EBITDA (€mn)
FY 2020 consolidated results Reported EBITDA1 (€mn) Conventional Generation & Global Infrastructure Services EGP Retail Enel X Total Trading & Netw orks & Other FY 2020 FY 2019 FY 2020 FY 2019 FY 2020 FY 2019 FY 2020 FY 2019 FY 2020 FY 2019 FY 2020 FY 2019 FY 2020 FY 2019 Italy 221 (14) 3,824 3,906
Slide 48: Ordinary EBITDA (€mn)
FY 2020 consolidated results Ordinary EBITDA1 (€mn) Conventional Generation & Global Infrastructure Services EGP Retail Enel X Total Trading & Netw orks & Other FY 2020 FY 2019 FY 2020 FY 2019 FY 2020 FY 2019 FY 2020 FY 2019 FY 2020 FY 2019 FY 2020 FY 2019 FY 2020 FY 2019 Italy 489 97 3,861 3,856 1,
Slide 49: Reported EBIT (€mn)
FY 2020 consolidated results Reported EBIT1 (€mn) Conventional Generation & Global Infrastructure Services EGP Retail Enel X Total Trading & Netw orks & Other FY 2020 FY 2019 FY 2020 FY 2019 FY 2020 FY 2019 FY 2020 FY 2019 FY 2020 FY 2019 FY 2020 FY 2019 FY 2020 FY 2019 Italy (40) (1,908) 2,370 2,64
Slide 50: EBITDA from Reported to Adjusted by business
FY 2020 consolidated results EBITDA from Reported to Adjusted: breakdown by geography (€mn) Global Thermal Global Global Renewable Services FY 2020 Generation Infrastructure & Retail Enel X Total Energies & Holding & Trading Networks Reported 1,700 7,433 4,647 3,121 152 (237) 16,816 Extraordinary it
Slide 51: EBITDA from Reported to Adjusted by geography
FY 2020 consolidated results EBITDA from Reported to Adjusted: breakdown by business line (€mn) Europe North & South Africa, Asia Others and FY 2020 Italy Iberia & North Central Total America & Oceania adjustments Africa America Reported 7,824 3,775 4,063 509 778 55 (188) 16,816 Extraordinary items
Slide 52: From EBITDA to net income (€mn)
FY 2020 consolidated results From EBITDA to net income1 (€mn) FY 2020 FY 2019 FY 2020 FY 2019 ∆ yoy ∆ yoy reported reported ordinary ordinary EBITDA 16,816 17,704 -5.0% 17,940 17,905 0.2% D&A 8,448 10,826 6,656 6,809 EBIT 8,368 6,878 21.7% 11,284 11,096 1.7% Net financial charges (2,606) (2,444) (2,
Slide 53: D&A reported (€mn)
FY 2020 consolidated results D&A reported (€mn) 1 FY 2020 FY 2019 ∆ yoy Generation and Trading 1,685 4,889 -66% Enel Green Pow er 1,913 1,328 44% Distribution 3,171 3,001 6% Retail 1,304 1,124 16% Enel X 168 256 -34% Others and adjustm ents 207 228 -9% Total 8,448 10,826 -22% 52
Slide 54: Gross debt structure
FY 2020 consolidated results Gross debt1 structure Long term debt by currency After swap Interest rate composition Long term credit ratings 49% Rating Outlook 23% S&P BBB+ Stable 83% 53.4 €bn 2% 53.4 €bn 59.7 €bn Moody’s Baa1 Stable 8% 2% 1% 1% 5% 2% 4% 35% 7% 77% 1% Fitch A- Stable EUR USD BRL EUR
Slide 55: Debt structure by instrument (€bn)
FY 2020 consolidated results Debt structure by instrument (€bn) EGP and Latin North Africa, Asia Debt by instrument Enel Spa EFI Central Italy Iberia Europe Total America America and Oceania Others Bonds 5.53 29.39 - - 0.02 4.77 - 0.06 - 39.77 Bank Loans 1.39 - 0.37 3.74 2.18 1.58 0.41 0.22 0.14 10.
Slide 56: Debt maturity coverage split by typology (€bn)
FY 2020 consolidated results Debt maturity coverage split by typology (€bn) 24.6 24.5 Available 6.7 committed credit lines1 18.6 9.6 7.3 17.8 5.9 5.8 5.9 6.4 1.0 Short Term 1.4 1.0 0.9 Cash 6.0 6.3 Bank Loans and Others 1.8 4.5 4.8 5.0 Bonds 1.4 FY 2020 2021 2022 2023 2024 2025 After 2025 1. Of whic
Slide 57: Balance sheet (€mn)
FY 2020 consolidated results Balance sheet (€mn) FY 2020 FY 2019 Δ Net financial debt 45,415 45,175 0.5% Shareholders' equity 42,357 46,938 -9.8% Net capital employed 87,772 92,113 -4.7% 56
Slide 58: Balance sheet structure (€bn)
FY 2020 consolidated results Balance sheet structure (€bn) Net fixed assets 104.3 10.2 0.9 0.6 (8.1) 93.2 (9.0) 87.8 42.4 45.4 Assets WIP (tangible Equity NWC Provisions Assets held Net capital Equity Net Debt & intangible) Investment for sale employed Net debt / Net capital employed 52% 57
Slide 59: Headcount
FY 2020 consolidated results Headcount 1 FY 2020 FY 2019 ∆ yoy Generation and Trading 8,142 9,432 -14% Enel Green Pow er 8,298 7,957 4% Distribution 34,332 34,822 -1% Retail 6,324 6,336 0% Enel X 2,989 2,808 6% Others and adjustm ents 6,632 6,898 -4% Total 66,717 68,253 -2% 58
Slide 60: Disclaimer
FY 2020 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 61: Contact us
Full Year 2020 consolidated results Contact us Contacts Email investor.relations@enel.com Phone +39 06 8305 7975 Investor Relations App Monica Girardi iOS Android Head of Group Investor Relations Investor Relations team Federico Baroncelli Serena Carioti Federica Dori Federica Pozzi Fabrizio Ragnacc