Slide 1: Full Year 2021 Consolidated results
FULL YEAR 2021 Consolidated results March 17th, 2022
Slide 2: Full Year 2021 Consolidated results
Full Year 2021 Consolidated results Francesco Starace CEO
Slide 3: Key highlights of the year
Key highlights of the year EBITDA & Solid New record on Shareholder Net Income operating renewables return at top of the performance 5.1 GW guidance across all deployed 0.38 €/sh range businesses in 2021 fixed DPS 2
Slide 4: Enel positioning in 2021
Enel positioning in 2021 RES Capacity1 RES Production1 Emission free (GW) (TWh) production1 A greener 53.4 118 62% installed base Electricity Smart meters SAIDI A highly distributed (TWh) (mn) digitalized and 510 45 -6% resilient grid Electricity sold Demand Response Charging points (TWh) (GW) (k) P
Slide 5: A visible acceleration in renewables growth
A visible acceleration in renewables growth… Total capacity evolution1 (GW) Total production1 (TWh) 87.7 Total capacity 90.7 Renewables - Thermal (2.0) 39.0 37.0 FY 2021 38% 51% 232 TWh 0.3 0.1 5.1 (0.1) 62% NEW 53.4 Emission 11% 48.6 RECORD free Nuke FY 2020 Built Asset rotation/ FY 2021 FY 2020 FY
Slide 6: Renewable pipeline at around 370 GW supports additional capacity target
Renewable pipeline at around 370 GW supports delivery on additional capacity target Renewables Pipeline (GW) 2022-24 Additional capacity target2 Residual target ~52 ~209 11.6 23 GW 11.4 +40 GW ~373 vs PY Capacity ~100 in execution 11.6 Gross Pipeline BESS 1 Early stage Mature In execution 2022-24 Pi
Slide 7: Volumes back to pre COVID-19 levels, quality and digitalization
Volumes back to pre COVID-19 levels, continued improvement in quality and digitalization Electricity distributed (TWh) SAIDI1 (min.) Smart meter Smart meter 520 .00 +5% 270 .00 -6% 2.0 260 .00 510 .00 259 510 250 .00 FY 2021 500 .00 22.9 22.1 240 .00 45 mn 490 .00 243 230 .00 480 .00 485 220 .00 470
Slide 8: Push on electrification drives sales and beyond commodity services
Push on electrification drives up sales and ‘beyond commodity’ services Free market Free market energy sold1 (TWh) power customers (mn) FY 2020 FY 2021 Charging points 186 319 1.7x +9% 20.0 0 +1.7 (k) 200 .00 187 19.0 0 180 .00 171 19.1 Storage behind 41 18.0 0 69 80 +16% 160 .00 40 17.0 0 the meter
Slide 9: Simple and predictable shareholder remuneration
Simple and predictable shareholder remuneration DPS (€/sh) Visible +12% improvement in +6% 0.50 shareholder 0.45 remuneration with 0.40 0.40 a 6% increase in 0.35 0.38 0.358 DPS and 0.30 7% dividend 0.25 yield1 0.20 2020 2021 2022 1. Enel Share Price as of March 16th, 2022 8
Slide 10: Full Year 2021 Financial results
Full Year 2021 Financial results Alberto De Paoli CFO
Slide 11: Financial highlights
Financial highlights (€mn) EBITDA1 Net Income FFO +7% +8% +3% 195 00 580 0 140 00.00 190 00 560 0 120 00.00 185 00 540 0 100 00.00 180 00 520 0 800 0.00 175 00 500 0 19,210 5,593 11,818 11,525 170 00 480 0 600 0.00 165 00 18,027 460 0 5,197 400 0.00 160 00 440 0 200 0.00 155 00 420 0 150 00 400 0 0.
Slide 12: Integrated business model drives EBITDA up by 7% yoy
Integrated and diversified business model drives EBITDA up by 7% yoy EBITDA evolution (€bn) Operating growth +7% • Strong contribution of renewable development • Grid digitalization and quality in Europe 1.76 • Recovery of volumes and tariff indexation in Latam 1.27 • Uptake in beyond commodity serv
Slide 13: Enel Green Power and Conventional generation
Enel Green Power and Conventional generation Renewable performance up by 2% yoy despite lack of resources EBITDA evolution (€bn) -6% 8.2 0.37 Operating growth 6.9 0.37 6.5 • Contribution from new capacity installed in US and 7.2 -24% 6.2 (1.03) (0.15) Latin America 2.2 1.7 5.2 • Efficiencies mainly
Slide 14: Infrastructure and Networks
Infrastructure and Networks KPIs back to pre-COVID levels, growth yoy overshadowed by non-recurrings EBITDA evolution1 (€bn) -2% 9.2 0.75 Operating growth 7.8 7.7 • Quality & digitalization programs in Europe 8.2 (0.45) (0.3) +7% 7.2 1.7 (0.1) • Higher volumes and tariff indexation in Latam 1.8 6.2
Slide 15: Retail
Retail Free Market performance: EBITDA up by 3% in Italy and 5% in Spain EBITDA evolution1 (€mn) Focus on free market EBITDA1 (€mn) Energy sold (TWh)2 -3% -% +9% 64.2 69.9 3,197 3,086 2,551 2,549 18.0 17.2 +5% -17% 71 91 Italy 646 537 233 0 514 47.0 51.9 538 +10% +5% 183 0 FY 2020 FY 2021 B2C 133 0
Slide 16: Net Income up by 8% yoy despite liability management
Net Income up by 8% yoy, despite the liability management program executed in 2021 Net Ordinary Income evolution (€bn) • 20 bps reduction in cost of debt vs. 2020, thanks +8% to the extensive liability management program 7.2 • Minorities reduction on the back of continued 1.2 simplification efforts
Slide 17: Cash flow
Cash flow (€bn)1 25.0 20.0 (0.7) €bn Liability management 19.2 ( 2.0 ) 15.0 ( 0.8 ) ( 1.8 ) 10.0 ( 2.8 ) 5.0 11.8 - (13.1) (1.3) -5.0 Ordinary ∆ Provisions 3 ∆Working Income Financial FFO Capex FCF 4 EBITDA capital taxes expenses & other PY 18.02 (2.1) (0.5) (1.6) (2.0) 11.5 (10.2) 1.3 Delta YoY +7%
Slide 18: 27% increase in capital deployed to fuel future growth
27% increase in capital deployed vs previous year to fuel future growth Total investments1 (€bn) Capex by business line 2021 additional +27% 15 13.1 renewable 0.4 13 11 10.2 capacity to 45% 0.4 41% FY 2021 contribute 13.1 €bn 9 more than 500 €mn 7 12.7 5 9.8 8% 6% EBITDA in 2022 3 1 -1 FY 2020 FY 20
Slide 19: Debt evolution
Debt evolution Net debt evolution (€bn) Gross debt (€bn) 65 +22% 60 55 2.0 52.0 59.0 72.0 0.8 0.7 50 5.0 70 8.9 Cash 45.4 Hybrids 1 45 1.3 49.3 60 6.0 11.1 Fin. receivables 3.2 40 50 7.6 40 35 30 30 20 45.4 52.0 Net debt 25 10 20 - 2 Dec 31, FCF Dividends APM Operating New FX Dec 31, Dec 31, 2020 De
Slide 20: Strong financial position with ample liquidity available
Strong financial position with ample liquidity available Liquidity position and LT debt maturities (€bn)1 2021 LT debt breakdown 19.0 17.0 16% 2022-24 Maturities 17 €bn 15.0 13.1 13.0 8.9 11.0 24.2 €bn1 9.0 5.4 59.2 €bn2 9.0 15.3 7.0 2.6 5.0 4.0 4.0 84% 1.3 1.3 7.7 3.0 6.4 1.0 2.7 2.7 Available comm
Slide 21: Closing remarks
Closing remarks Earnings at the top of the Our business Our strategy is Our dividend guidance model is fit for a policy will range, engineered for changing confirming our continue to be delivery resilience energy world visible capabilities 20
Slide 22: Full Year 2021 Consolidated results Annexes
Full Year 2021 Consolidated results Annexes
Slide 23: Macroscenario
FY 2021 consolidated results Macroscenario GDP (%) CPI (%) FX against €1 Spot Price (€/MWh) Electricity Demand (TWh)2 FY 2021 FY 2020 FY 2021 FY 2020 FY 2021 FY 2020 FY 2021 FY 2020 FY 2021 FY 2020 Italy 6.48 (9.00) 1.87 (0.14) - - 125.53 38.90 319.43 302.80 Iberia 4.96 (10.82) 3.09 (0.32) - - 111.9
Slide 24: Group consolidated net capacity by technology and geography
FY 2021 consolidated results Group consolidated net capacity: breakdown by technology and geography Solar & MW Hydro Wind Geothermal Nuke Oil & Gas Coal CCGT TOTAL Other Italy 12,444 794 774 29 - 2,253 4,720 4,596 25,609 Iberia 4,746 2,546 - 1,098 3,328 2,333 1,644 5,445 21,140 Latin America 10,585
Slide 25: Group consolidated net production by technology and geography
FY 2021 consolidated results Group consolidated net production: breakdown by technology and geography Solar & GWh Hydro Wind Geothermal Nuke Oil & Gas Coal CCGT TOTAL Other Italy 17,273 1,333 5,491 59 - 444 10,529 12,835 47,964 Iberia 6,122 5,605 - 1,067 25,504 4,077 775 14,443 57,592 Latin America
Slide 26: Group total additional capacity by technology and geography
FY 2021 consolidated results Group total additional capacity1: breakdown by technology and geography Solar & MW Hydro Wind Geothermal Nuke Oil & Gas Coal CCGT TOTAL Other Italy 29 22 4 1 - 5 - 13 75 Iberia 4 123 - 500 - - - - 627 Latin America - 801 28 1,121 - - 1 3 1,954 Argentina - - - - - - - - -
Slide 27: Renewable projects in execution by technology and geography
FY 2021 consolidated results Renewable projects in execution: breakdown by technology and geography1 Solar & MW Wind Hydro Geothermal BESS Total Other Italy 98 36 3 28 - 165 Iberia 316 22 - 1,622 26 1,986 Latin America 2,088 156 - 2,167 78 4,490 Rest of Europe 359 - - 158 - 517 North America 904 - -
Slide 28: EGP mature pipeline
FY 2021 consolidated results EGP mature pipeline1 By technology By geography By COD 4% 12% 10% 13% 9% 39% 13% ~100 GW ~100 GW 54% ~100 GW 34% 58% 31% 24% Wind Italy North America 2023 Solar Iberia Rest of Europe 2024 Hydro & Others Latin America Africa, Asia & Oceania >2024 1. Excludes BESS mature p
Slide 29: Infrastructure & Networks KPIs
FY 2021 consolidated results Infrastructure & Networks KPIs Electricity distributed1 (TWh) Grid customers (mn) Smart meters (mn)1 FY 2021 FY 2020 FY 2021 FY 2020 FY 2021 FY 2020 Italy 226.7 214.4 31.6 31.4 31.0 30.6 Iberia 131.1 124.5 12.4 12.3 12.5 12.4 Latin America 136.4 131.0 28.2 27.6 0.5 0.4 A
Slide 30: Retail KPIs
FY 2021 consolidated results Retail KPIs Power Gas 1 Customers (mn) Volumes (TWh) Customers (mn) Volumes (bsmc) FY 2021 FY 2020 FY 2021 FY 2020 FY 2021 FY 2020 FY 2021 FY 2020 Italy 21.8 22.6 92.8 90.2 4.2 4.1 4.4 4.4 Iberia 10.3 10.4 79.5 80.8 1.7 1.7 5.2 5.0 Latin America 28.3 27.6 127.9 118.4 0.0
Slide 31: Italian and Spanish Power Market
Italian and Spanish Power Market Italy Spain3 Customers (mn) Enel Customers (mn) Enel Regulated Free Total Market Share 2 Regulated Free Total Market Share 2 Business 1.7 5.2 6.9 37% Business 0.0 0.9 0.9 22% Residential 11.7 18.1 29.8 45% Residential 10.9 17.9 28.8 28% Total 13.4 23.3 36.7 Total 10.
Slide 32: Enel X KPIs
FY 2021 consolidated results Enel X KPIs Charging Points1 (k) Street lighting (mn) Electric buses (#) Storage BTM (MW) Demand Response (GW) FY 2021 FY 2020 FY 2021 FY 2020 FY 2021 FY 2020 FY 2021 FY 2020 FY 2021 FY 2020 Italy 39.3 26.8 1.5 1.6 17 - - - 1.0 0.3 Iberia 9.5 7.1 0.1 0.1 146 31 - - - - L
Slide 33: Baseload power price & production sold forward
FY 2021 consolidated results Baseload power price & production sold forward Baseload price 2022 2023 2024 Italy (€/MWh) 88.1 78.9 75.0 Iberia (€/MWh) 82.9 69.4 59.0 Production sold forward 2022 2023 2024 price % price % price % 1 Italy (€/MWh) 60.0 100% 75.4 46% - - Iberia (€/MWh)1 54.0 97% 58.0 55%
Slide 34: Capex
FY 2021 consolidated results Capex1 (€mn) Conventional Generation & Infrastructure Services EGP Retail Enel X Total Global Trading & Networks & Other FY 2021 FY 2020 FY 2021 FY 2020 FY 2021 FY 2020 FY 2021 FY 2020 FY 2021 FY 2020 FY 2021 FY 2020 FY 2021 FY 2020 Italy 303 180 2,554 1,966 406 282 427
Slide 35: Asset development Capex
FY 2021 consolidated results Asset development Capex1 (€mn) Conventional Generation & Infrastructure Services EGP Retail Enel X Total Global Trading & Networks & Other FY 2021 FY 2020 FY 2021 FY 2020 FY 2021 FY 2020 FY 2021 FY 2020 FY 2021 FY 2020 FY 2021 FY 2020 FY 2021 FY 2020 Italy 207 92 1,355 9
Slide 36: Revenues
FY 2021 consolidated results Revenues1 (€mn) Conventional Generation & Infrastructure Services EGP Retail Enel X Total Global Trading & Networks & Other FY 2021 FY 2020 FY 2021 FY 2020 FY 2021 FY 2020 FY 2021 FY 2020 FY 2021 FY 2020 FY 2021 FY 2020 FY 2021 FY 2020 Italy 22,816 14,965 7,326 7,488 2,7
Slide 37: Reported EBITDA
FY 2021 consolidated results Reported EBITDA1 (€mn) Conventional Generation & Infrastructure Services EGP Retail Enel X Total Global Trading & Networks & Other FY 2021 FY 2020 FY 2021 FY 2020 FY 2021 FY 2020 FY 2021 FY 2020 FY 2021 FY 2020 FY 2021 FY 2020 FY 2021 FY 2020 Italy (277) 221 3,454 3,824
Slide 38: Ordinary EBITDA
FY 2021 consolidated results Ordinary EBITDA1 (€mn) Conventional Generation & Infrastructure Services EGP Retail Enel X Total Global Trading & Networks & Other FY 2021 FY 2020 FY 2021 FY 2020 FY 2021 FY 2020 FY 2021 FY 2020 FY 2021 FY 2020 FY 2021 FY 2020 FY 2021 FY 2020 Italy 464 488 3,836 3,861 1,
Slide 39: Reported EBIT
FY 2021 consolidated results Reported EBIT1 (€mn) Conventional Generation & Infrastructure Services EGP Retail Enel X Total Global Trading & Networks & Other FY 2021 FY 2020 FY 2021 FY 2020 FY 2021 FY 2020 FY 2021 FY 2020 FY 2021 FY 2020 FY 2021 FY 2020 FY 2021 FY 2020 Italy (1,465) (39) 2,119 2,370
Slide 40: From EBITDA to net income
FY 2021 consolidated results From EBITDA to net income1 (€mn) FY 2021 FY 2020 FY 2021 FY 2020 ∆ yoy ∆ yoy reported reported ordinary ordinary EBITDA 17,567 16,903 3.9% 19,210 18,027 6.6% D&A (9,887) (8,448) (6,975) (6,656) EBIT 7,680 8,455 -9.2% 12,235 11,371 7.6% Net financial charges (2,751) (2,69
Slide 41: D&A reported
FY 2021 consolidated results D&A reported (€mn) 1 0 FY 2021 FY 2020 ∆ yoy Generation and Trading 3,485 1,685 107% Enel Green Power 1,679 1,913 -12% Distribution 2,862 3,171 -10% Retail 1,333 1,304 2% Enel X 253 168 51% Others and adjustments 275 207 33% Total 9,887 8,448 17% 40
Slide 42: Long-term Gross Debt structure
FY 2021 consolidated results Long-term Gross Debt1 structure By currency Interest rate Long term By currency After swap composition credit ratings Rating Outlook 55% 83% S&P BBB+ Stable 16% 59.2 €bn 2% 59.2 €bn 59.2 €bn Moody’s Baa1 Stable 7% 2% 2% 1% 5% 84% 2% 3% 7% Fitch BBB+ Stable 1% 30% EUR USD
Slide 43: Debt structure by instrument
FY 2021 consolidated results Debt structure by instrument (€bn) EGP SpA Enel and Latin North Africa. Asia Debt by instrument EFI Italy Iberia Europe Total Spa Central America America and Oceania Others Bonds 4.42 32.87 - - 0.02 4.47 - 0.02 - 41.80 Bank Loans 2.51 - 0.30 3.76 3.42 2.50 0.30 0.40 0.38
Slide 44: Debt maturity coverage split by typology
FY 2021 consolidated results Debt maturity coverage split by typology (€bn) Available liquidity 28.6 6.3 8.9 24.2 €bn 17.3 15.3 13.3 9.0 9.0 22.3 4.0 2.6 4.1 3.8 1.3 1.3 6.4 1.6 5.2 Available committed 2.7 2.7 2.5 credit lines1 2022 2023 2024 2025 2026 After 2026 Cash Short Term Bank Loans and Other
Slide 45: Balance sheet
FY 2021 consolidated results Balance sheet (€mn) FY 2021 FY 2020 Δ Net financial debt 51,952 45,415 14.4% Shareholders' equity 42,342 42,357 0.0% Net capital employed 94,294 87,772 7.4% 44
Slide 46: Balance sheet structure
FY 2021 consolidated results Balance sheet structure (€bn) Net fixed assets 113 13.6 0.7 0.3 (9.5) 98.5 (9.3) 94.3 42.3 52.0 Assets WIP (tangible Equity NWC Provisions Assets held Net capital Equity Net Debt & intangible) Investment for sale employed Net debt / 55% Net capital employed 45
Slide 47: Headcount
FY 2021 consolidated results Headcount 1 0 FY 2021 FY 2020 ∆ yoy Generation and Trading 7,847 8,142 -4% Enel Green Power 8,989 8,298 8% Distribution 33,263 34,332 -3% Retail 6,148 6,324 -3% Enel X 3,352 2,989 12% Others and adjustments 6,680 6,632 1% Total 66,279 66,717 -1% 46
Slide 48: Disclaimer
FY 2021 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 49: Contact us
FY 2021 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 Matteo Marengon Federica Pozzi Channel